Do I enter IRA contributions in W2 box 12a code D (with Retirement plan checked in box 13) when asked for total contributions made in 2016?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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I made a $1,560 IRA contribution via payroll deduction. It is shown on my W2 in box 12a with code 'D', and retirement plan is checked in box 13. I contributed $5,500 directly to a different IRA. When Turbotax asks for contribution made to IRA in 2016, do I add these 2 amounts together or is the one shown on W2 with Retirement plan checked in box 13 handled differently?

TurboTax Premier Windows

Best answer by ChristinaS

An IRA and a 401(k) are totally different. If you have a retirement plan through a regular W2 job with Code "D" in Box 12 - that's a 401(k), not an IRA.

Do not enter a 401(k) contribution in the program as an IRA contribution. You account for 401(k) contributions by entering your W2 and that's it. Your 401(k) contributions have already been removed from the taxable wages in Box 1 of your W2.

IRA contributions aren't handled through an employer. If you also made an IRA contribution of $5500 outside of employer, enter only that under IRA contributions.

ChristinaSAnswer

Level 10

An IRA and a 401(k) are totally different. If you have a retirement plan through a regular W2 job with Code "D" in Box 12 - that's a 401(k), not an IRA.

IRA contributions aren't handled through an employer. If you also made an IRA contribution of $5500 outside of employer, enter only that under IRA contributions.