Tax questions

[Welly Wu]

I own both Quicken and TurboTax Premier 2007 software. Last year, I had a Fidelity NetBenefits 401(k) sponsored by Barnes & Noble Booksellers, Inc which I converted into a Fidelity ROTH IRA in December 2006. In TurboTax 2007, there is a module within the Federal Taxes to itemize, maximize, and capture tax credits. Within that module, the Retirements & Investments sub-module has a Traditional and ROTH IRA Contributions section. I need to know my total 2006 contributions to my IRA to reduce my federal taxes. I do not have that information any longer on paper and https://www.fidelity.com only has information regarding the 1099-R form that summarizes the conversion to my current ROTH IRA. Here is my simple question: can I utilize my 2006 W-2 form from Barnes & Noble Booksellers, Inc. and refer to the total dollar amount listed next to the 12 "D" code [this refers to elective deferrels to a section 401(k) arrangement] and utilize that in TurboTax? Furthermore, I plan to contribute additional money from January 1st, 2007 until April 17th, 2007 into my existing ROTH IRA and TurboTax has advised me to wait until all of my contributions have been made before revisiting this same module and actually filing my 2006 Federal and New Jersey State tax returns; so, I will do so.

EDIT: I will call Fidelity's NetBenefits 401(k) customer service telephone number tomorrow during normal business hours just to confirm my "hunch" that I did utilize the correct data for that section of TurboTax.

 

[Lowfront]

maybe not the best forum for this question....

any accountants out there?

 

[Welly Wu]

There are accountants here on Head-Fi!

Thing is, I would owe the IRS a few hundred dollars in taxes if I simply chose not to include and report my total dollar amount that I put away into my Fidelity 401(k), but the IRS would owe me a couple of bucks if I did. I did contribute all that money last year before I converted it to a Fidelity ROTH IRA so why not report it and take advantage of the federal tax reversal if it is accurate and legal? By the way, I performed numerous federal and state error checks and everything came up accurate and error free.

Unfortunately, I use H&R Block's TaxCut software to file my federal and state tax returns last year and I found out that they are not compatible with Intuit's Quicken and TurboTax 2007 Premier software. So, I printed hard copies of my previous returns and I deleted the files. I will stick with Quicken and TurboTax from now on as I find they are the best and easiest available; I recommend them to others.