- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I have an IRA with my company and they match my deduction into the IRA, which one do I have?
Topics:
February 17, 2020
1:40 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
February 17, 2020
3:15 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
February 17, 2020
3:19 PM