Retirement tax questions

This is more complicated than it first sounds, thanks to a relatively new thing called a "Payroll deduction IRA."

https://www.irs.gov/retirement-plans/plan-sponsor/payroll-deduction-ira

 

If you have a qualified workplace plan, such as a 401k or 403b, those plans are reported on your W-2.  They are not IRAs (even though they are similar) and you do not report the contributions as IRA contribution.  Only on your W-2.

 

The payroll deduction IRA is an arrangement where you open your own private IRA (possibly at a bank of your choosing, possibly at a bank selected by the employer).  The employer takes after-tax payroll deductions and sends them to the bank for you.  The employer is not allowed to take pre-tax deductions and the employer can't add matching funds.  Essentially, the payroll deduction IRA is a way to save in your own private IRA but have your employer help you by taking a payroll deduction instead of giving you the money, which you might spend instead of saving.  (My old employer offered a way to buy savings bonds from payroll deductions, or split my paycheck between a checking and a savings account. Basically the employer is helping you to save your own money.)

 

If you have a payroll deduction IRA, the deductions are not on your W-2 and you do need to report them to get the tax deduction.