Should the $20K entered in Box 12 BB reduce the taxable income on the W2 form? If I replace $20,000 with $0 (as a test), there is no effect on the Federal Tax Due. I thought a 403B contribution would reduce the taxable income.
So to be clear, contributions to a 403b are not tax deductible? <a rel="nofollow" target="_blank" href="https://www.investopedia.com/articles/retirement/10/top-9-benefits-403b-plans.asp">https://www.inves...>
This is copied and pasted from your link: Since 2006, employers have had the option to allow Roth contributions to 403(b) plans. Unlike a traditional IRA, Roth contributions are not eligible for a tax deduction.