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

 

Retirement tax questions

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

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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.

Retirement tax questions

Thank you

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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