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Level 1

Solved

If my IRA goes through my employer and 401K, do I need to report it separately under deductions and credits?

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VolvoGirlAnswer

Level 15

Expert Reviewed

Is it a 401K? No, if it's on your W2 and is deducted from your pay it is already reported so do not enter it again under Deductions. You only can deduct Traditional IRA contributions you make outside of work. A 401k should be on your W2 in box 12 and has already been deducted from the wages in W2 box 1 and you can't deduct it again.

Level 15

Do you have a 401k----or an IRA? They are not the same thing, although both are kinds of retirement plans. If you have a 401k with your employer, it is shown on your W-2. (usually in box 12 or 13). You enter the amount from your W-2 and you are done. You do not enter it anywhere else.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

VolvoGirlAnswer

Level 15

Expert Reviewed

Is it a 401K? No, if it's on your W2 and is deducted from your pay it is already reported so do not enter it again under Deductions. You only can deduct Traditional IRA contributions you make outside of work. A 401k should be on your W2 in box 12 and has already been deducted from the wages in W2 box 1 and you can't deduct it again.