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Deductions & credits

Check your W-2 form Box 12 to see what is the code for your 401(k) contribution first.

 

Your 401(k) contribution is reported in Box 12 with code D if you contributed to a regular 401(k) account, and Box 1 excludes the contribution. In your case, your Box 12 code should be AA, indicating that you contributed to a Roth 401(k) instead of a regular 401(k). Roth 401(k) contributed is not tax-deductible, that may be why the boxes 1, 3, and 5 are the same.

 

If your plan is to save tax dollars by contributing to your 401(k) account, make the switch. 

 

 

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