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Update: IRS successfully launches their own free Direct File - now ALL of my fellow 'murcans are eligible for 2025 (sh.itjust.works)

submitted 6 months ago by brbposting@sh.itjust.works to c/technology@lemmy.world

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My January 2024 thread (186 comments)

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[–] kryptonianCodeMonkey@lemmy.world 2 points 6 months ago* (last edited 6 months ago) (1 children)

They should (and do?) have the same information your employer, bank, or brokerage files. i.e. the same forms you use to fill out your taxes now. They know what you contributed to you 401k and your other retirement accounts.

[–] WalrusDragonOnABike@lemmy.today 1 points 6 months ago* (last edited 6 months ago) (1 children)

Solo 401ks are where you're the employer (guess technically there's some wiggle room for others to be in your 401k, but from the perspective of such a person, wouldn't it just be a normal 401k?). So you have to report it yourself. The brokerage firm holding it won't.

[–] kryptonianCodeMonkey@lemmy.world 1 points 6 months ago

Well, yeah. If you're self employed, you have to report yourself too.