Your pre-tax 401k contribution is usually already deducted from your Box 1 income on your W-2. The amount is shown in Box 12, Code D.  Is this not the case on your W-2?

Yep, the amount is shown in 12 D, but it's not deducted at the top (in boxes 1, 3, or 5) from any of the income amounts- those all show identical numbers.

But, if I understand you correctly, you're saying that the box 1 amount plus the box 12 D amount equal my actual income, and the box 1 has already had the contributions deducted?

If your W-2 is wrong, you need to get it corrected by your employer. There is no other way to deduct 401(k) contributions.  

Box 1 is your wages subject to income tax.  Any pre-tax deductions, such as retirement contributions and medical insurance premiums, should be subtracted from your gross pay and not included in box 1.   Certain pre-tax items are also exempt from sosicsl security and Medicare tax but not retirement.  Usually with 401 contributions, box 3 and 5 will be higher than box 1 by the amount of the retirement contributions.   (Although amounts contributed by your employer are not included in box 1, 3, or 5.)

It sounds like you need to get a corrected W-2 before you can file. 

Hi what if you are making over 123k combined with you husband .
My banker said i cant get a deduction what does that mean??
Does that mean i will be taxed on the 123k

Or I will be taxed on the 123k- 19000 max contirnution a year ?

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@Dabulhawa wrote:
Hi what if you are making over 123k combined with you husband .
My banker said i cant get a deduction what does that mean??
Does that mean i will be taxed on the 123k

Or I will be taxed on the 123k- 19000 max contirnution a year ?

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Your banker was referring to income limits for making a contribution to an "IRA" and getting a deduction for that too..  

 

An IRA contribution and a 401k contribution are not the same thing.  Both are contributions to personal retirement accounts of different types 

 

......but An IRA contribution is done outside of your workplace and has income limits before it is allowed to be used as a deduction if you also have a 401k contribution or pension plan at work.

 

.....A 401k contribution is usually done thru your workplace employer...usually no income limits [[except for those designated as Highly Compensated Employees  ((see exceptions below))...check with the 401k administrator if that might be the case for either of you]]. 

 

(If under age 50)....So there is a $19,000 limit  for one person making deductible contributions to a traditional 401k plan for 2019 .  Your combined MFJ W-2 income above 123k has little or no effect on that  .  And, for a W-2 employee making the full 19,000 401k contribution, box 1 of the W-2 will be 19,000 lower than boxes 3, and 5 .  (can be more than 19,000 lower if you have other pre-tax deductions)   It's just that you will not be allowed to make deductible contributions to a separate IRA outside of work. 

 

Annnd...IF both spouses are working at W-2 jobs, they can both make 401k contributions up-to $19,000 in each of their own plans as long as their income at that employer is high enough, and the plan allows it..

 

If the W-2 individual is age 50 or older, an additional $6000 of 401k catch-up contributions at work is also allowed.

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Exceptions: 

For 2019, there can be 401k contribution limit applied to an individual if they are designated as a Highly Compensated Employee (HCE).  As an individual (not jointly), you earn more than 125,000 wages, or own more than 5% of your company.  Talk to the appropriate plan administrator if either of you earn more that 125,000 at your job ... (or own more than 5% of the company you, or spouse works at).

 

And...Self-employed people can also set up self-directed 401k plans...but i'm not discussing with that here.