- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You are correct. What happens is for a traditional retirement plan contribution through your employer, your taxable wage income, as reported in box 1 on your W-2 form, is reduced by the amount of your contribution. That is how you get your tax-favored treatment of the contribution. In addition to that, you can sometimes make another tax deductible contribution on your own, and that is where you would use the IRA contribution routines in TurboTax.
The ROTH retirement plan contributions are not deductible, but they still show on your W-2 and you can somtimes make your own contribution to them in addition to what you do through your employer. In either case, you only need to enter your W-2 form to report your retirement plan contributions through your employer.
**Mark the post that answers your question by clicking on "Mark as Best Answer"