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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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ā€ˇFebruary 17, 2020
3:19 PM