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Get your taxes done using TurboTax
Correct. You receive a deduction on your income tax return because this contribution is not included in your wages in box 1 of your Form W-2. You pay income tax on the amount shown in box 1 on your Form W-2. Since the contribution to the 401(k) is not included in the box 1 amount, you do not pay tax on it. @gmott18
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‎April 17, 2023
6:56 AM