1) If 401K is withheld in my W-2 do I still have t...
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rtorresmeza
Level 2

1) If 401K is withheld in my W-2 do I still have to report it in my IRA deductions in turbo tax? 2)In my 1099-DIV box 8 it says SW, but I cant enter it, any solutions?

 
3 Replies
Irene2805
Expert Alumni

1) If 401K is withheld in my W-2 do I still have to report it in my IRA deductions in turbo tax? 2)In my 1099-DIV box 8 it says SW, but I cant enter it, any solutions?

No.  The contributions to your 401k withheld on your W-2 are not considered IRA deductions.  They have been subtracted from your pay before taxes.

 

The SW on your 1099-DIV is a country code.  If you have an amount in box 7, you paid foreign taxes and may get a credit for those taxes. 

  • If you are using TurboTax Online, you will be able to enter the country code in box 8 on the next screen, Tell us about your foreign dividends.
  • If you are using the CD/Download version, you will be asked to enter the country code when you go through the interview for the foreign tax credit.

To calculate the credit for foreign taxes paid please follow these steps:

  1. Click on Federal  > Deductions & Credits
  2. Scroll down to the Estimates and Other Taxes Paid section and click on the box next to Foreign Taxes
  3. On the Do You Want the Deduction or the Credit screen, click on the Take a Credit box.

Continue through the screens.  You will be asked to select the country where you earned the income.

rtorresmeza
Level 2

1) If 401K is withheld in my W-2 do I still have to report it in my IRA deductions in turbo tax? 2)In my 1099-DIV box 8 it says SW, but I cant enter it, any solutions?

So I should delete any information I did in the section called "Traditional IRA and Roth IRA"?

 

I see that I am getting a deduction for my foreign tax, but it never asked for anything regarding box 8, would this be fine?

DavidS127
Expert Alumni

1) If 401K is withheld in my W-2 do I still have to report it in my IRA deductions in turbo tax? 2)In my 1099-DIV box 8 it says SW, but I cant enter it, any solutions?

Yes, you will need to delete anything you entered in the IRA section if that was for the 401(k) contributions reported in box 12 for your W-2 (and already deducted from box 1 of your W-2).

 

An IRA is different than a 401(k), and you only make entries in the IRA section if you contributed to an IRA.

 

For the foreign tax, if TurboTax is not asking about the country, it has all the information it needs for your foreign tax credit.

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