Turkeygirl Posted March 5, 2013 Report Share Posted March 5, 2013 Trying to look online but though might get an answer here....Working on my taxes and just wondering if I need to report the interest earned on a 403b tax sheltered retirement plan to federal or state (NY)??? So far I'm assuming no because it's tax sheltered? Wondering if anyone here has an answer? Quote Link to comment Share on other sites More sharing options...
The Bug House Posted March 5, 2013 Report Share Posted March 5, 2013 I have a 401(k) and a 403(b) I was not required to report interest on either. I use H&R Block software, I think thats the benefit of those kind of retirement accts, your contribution comes out pre-tax (lowering your taxable income) and you pay tax only on some of it when you retire. I'm by no means an expert though! Quote Link to comment Share on other sites More sharing options...
Tominator Posted March 9, 2013 Report Share Posted March 9, 2013 Are you actually receiving interest in the form of a check? I've had one for 20 years and your "interest" should just be accruing into your account, not being distributed. Quote Link to comment Share on other sites More sharing options...
dbHunterNY Posted March 9, 2013 Report Share Posted March 9, 2013 Are you actually receiving interest in the form of a check? I've had one for 20 years and your "interest" should just be accruing into your account, not being distributed. i agree with this and therefore you should not need to report interest. Quote Link to comment Share on other sites More sharing options...
Rhino Posted March 9, 2013 Report Share Posted March 9, 2013 (edited) To answer your question...NO. All income derived from the funds in your retirement account, including interest credited to that account is deferred until the time comes when you start withdrawing funds. Edited March 9, 2013 by Rhino Quote Link to comment Share on other sites More sharing options...
Turkeygirl Posted March 9, 2013 Author Report Share Posted March 9, 2013 Thanks guys. Yeah it's just accruing on the account. On another note did my federal tax forms...what a joke, I owe the fed. government money...and not just a few $ either....now I'm afradi to do my state tax forms...NY is already a rip off... Quote Link to comment Share on other sites More sharing options...
Rhino Posted March 10, 2013 Report Share Posted March 10, 2013 Sorry to hear that. Missery does not like company here but if it makes you feel better I'll be paying them a WHOLE lot this year and also paying income taxes to MS, AL, & LA. Quote Link to comment Share on other sites More sharing options...
LETMGROW Posted March 10, 2013 Report Share Posted March 10, 2013 You can be thankful you don't own your own business. We just paid our federal workmen's compensation. We got a letter back saying we underpaid and were assessed a penalty. When my wife called to inquire about this we were told NY is a credit reduction state. This is because NY borrowed money from the feds a while back and hasn't paid it back. Now it is on the shoulders of employers to repay it. When she asked why we weren't made aware of this she was told she has to find it on the internet. We didn't even know we were supposed to look for it! I pay my bills but only when I know I owe one. Dumb a.. state anyway. Lynn Quote Link to comment Share on other sites More sharing options...
Turkeygirl Posted March 15, 2013 Author Report Share Posted March 15, 2013 Gotta love NY...I owe NY as well this year, not as much as Fed. but geepers....first eyar I think I've ever owed anything.... Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted March 16, 2013 Report Share Posted March 16, 2013 there are 876 NEW taxes that started jan. 1, 2013, included in the obamacare bill. you haven't seen anything yet. also, we are currently hiring the last of 16,000 new IRS agents for obamacare. go figgure... lol Quote Link to comment Share on other sites More sharing options...
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