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Retirement tax questions
TurboTax never asks if you contributed to a 401(k). TurboTax asks if you contributed to an IRA. An IRA is a private account that you established with a bank or investment company on your own.
You can only contribute to a 401(k) by payroll deduction, and your contributions plus any employer match are recorded on your W-2 and automatically taken care of by TurboTax.
workplace retirement plans and IRAs are covered by different sections of the law, and have completely different rules for contributions and withdrawals, even though they have a similar purpose.
‎February 10, 2023
9:36 PM