lmbspcl
Level 1

If I have an IRA with my company and they match my deduction into the IRA, which one do I have?

 
Critter
Level 15

Retirement tax questions

What is the code in box 12 of the W-2 ? 

View solution in original post

lmbspcl
Level 1
lmbspcl
Level 1
VolvoGirl
Level 15

Retirement tax questions

You do not have an IRA.  You have a 401K or 457 or an employer plan.  You only enter it from the W2.  Nowhere else.  Do not enter it under Deductions.

lmbspcl
Level 1
ThomasM125
Expert Alumni

Retirement tax questions

You have a 401-K plan. The money you contribute is deducted from your wage income as reported in box 1 on your W-2 form. The amount the employer contributes is not reported as income on your W-2 form.

 

As such, all you need to do is enter your W-2 form in TurboTax and you will get a tax benefit from your 401-k, since your pension plan contribution will be deducted from your otherwise taxable income. 

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