dmertz
Level 15

Retirement tax questions

If the amount taken from your pay is shown in box 12 of your W-2, it's not a contribution to a payroll deduction IRA and is to be entered only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

 

If it truly is a payroll deduction IRA contribution where your employer deposits a portion of your pay into your IRA account (an account not associated with any employer-provided retirement plan) on your behalf simply for your convenience so that you do not have to make the deposit yourself, it's your contribution and does need to be entered under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

 

Also, the term "savings account" is typically not used to refer to an IRA, so your question is not entirely clear.

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