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Level 1

Solved

401k w2 box 12 code D

3 replies
60 views

When I input my 401K contributions into TurboTax Premier desktop in the W2 box 12 code D section

it does not Chage my taxes owed.

why?

401K

VolvoGirlAnswer

Level 15

Expert Reviewed

401K code D. It comes out of your checks pretax and has already been deducted from the wages in box 1 and you can't deduct it again. Notice that box 1 should be less than boxes 3&5.

Level 15

Contributions to an employer sponsored 401(k) are not reported on a tax return. They are pre-tax contributions.

VolvoGirlAnswer

Level 15

Expert Reviewed

401K code D. It comes out of your checks pretax and has already been deducted from the wages in box 1 and you can't deduct it again. Notice that box 1 should be less than boxes 3&5.

Level 15

The value in box 12, code D, just defines how much of the wage difference for box 1 was from pre-tax 401k contributions.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*