I have an SRA retirement account. Should I check 401k, IRA, or other on form 433-A?

Thanks for explaining! I work for a university so that makes sense. But I'm a little confused still - if SRAs are a type of 403(b), why wouldn't the form just list 403(b) as an option alongside 401(k)? Is there a meaningful difference between them for tax purposes?

Many IRS forms don't list every possible type of retirement account since there are so many variations. The 403(b) and 401(k) are actually very similar in terms of how they function - both allow pre-tax contributions that grow tax-deferred until retirement. The main difference is just who can offer them - 401(k)s are for private sector employees while 403(b)s are for employees of non-profit organizations like schools, hospitals, and religious groups. For the purposes of the 433-A form, the IRS mainly wants to know about your assets. When you check "other" and write in SRA or 403(b), they'll understand exactly what type of retirement account you have. Just make sure you include the current value of the account in the appropriate section of the form.

Does it work for other retirement accounts too? I have a weird situation with a SEP IRA from a previous job plus a 457 plan at my current position and I'm never sure where to put them on forms.

I'm always skeptical of these tools. Does it actually give personalized advice or just generic information you could find on Google? And how accurate is it with the more obscure retirement accounts? Not trying to be negative but I've been burned before.

It absolutely works for other retirement accounts including SEP IRAs and 457 plans. It's designed to recognize pretty much all the standard account types and their tax implications. The tool actually compares your specific documents against IRS guidelines to give personalized recommendations. For skeptics, I understand the concern. What makes this different is it's not just giving generic advice - it actually analyzes your specific documents and highlights exactly where information should go and why. The accuracy has been spot-on with everything I've thrown at it, including some obscure retirement rollovers I did last year. It's more like having a tax pro look at your documents than just searching online.

How does this actually work though? I don't understand how a third-party service can somehow magically get the IRS to call you when normal people can't get through?

Yeah right. No way this is legit. IRS phone system is broken by design - they don't want to talk to anyone. I've tried calling them for THREE WEEKS about retirement account questions and never got through. No way some service can fix that. Sounds like a scam to me.

It works by using automated technology to handle the frustrating part of calling the IRS - all those menu options, hold times, and disconnects. Basically it keeps trying all the routing options that might work for your specific issue until it finds an opening in the queue, then it connects you. Not a scam at all. The IRS actually wants to talk to people - they're just severely understaffed. The service doesn't do anything magical - it just handles the repetitive, time-consuming part of getting through the phone tree and waiting on hold. It's like having someone sit there redialing for hours so you don't have to. Trust me, I was skeptical too until I tried it and had an IRS agent actually call me back.

Thank you so much for clarifying this! So when I'm filling out the value portion, should I use the current market value of the account or the amount that I've personally contributed so far? It's only been about 8 months since I started contributing.

For the 433-A form, you should use the current market value of your account, not just what you've contributed. This would include any growth or losses in the investments, plus any matching contributions your employer might have made. You should be able to find the current value by logging into your account online or checking your most recent statement. The IRS wants to know the total amount you could potentially access (even with penalties) because they're assessing your overall financial situation.

Is there any real difference between a 403(b) and a 401(k) from the IRS perspective? Like if someone accidentally marked 401(k) instead of "other" for their 403(b)/SRA, would that cause problems?