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I was wondering how 401K's come into play at tax time. I know that I'm not taxed on any contributions that I put into the account but my question do I report this to the govt? I mean I still have to list my gross annual income on the form but there isn't any place (that I know of) to say, "Okay IRS, here is my gross annual income less my 401K contributions which aren't taxed until I withdrawal the monies." Correct me if I'm wrong, but if I don't list this portion of my income, I'll be taxed on the whole without regard to my 401K contributions. Please help or advise.
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