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An IRA is different than a 401(k). A 401(k) cannot contain an IRA.
Elective deferrals from your pay that you make to the traditional account in your 401(k) are excluded from the amount your employer reports as wages on your W-2 in box 1, so they are already excluded from the taxable income that you report on your tax return. You don't get to deduct them again. The employer also reports the elective deferrals to a 401(k) with code D in box 12 of your W-2. Simply enter the W-2 into TurboTax as received and TurboTax will take care of the rest. Be sure to visit the Retirement Savings Contributions Credit section of the step-by-step interview to see if your elective deferrals qualify you for this credit.
An IRA is different than a 401(k). A 401(k) cannot contain an IRA.
Elective deferrals from your pay that you make to the traditional account in your 401(k) are excluded from the amount your employer reports as wages on your W-2 in box 1, so they are already excluded from the taxable income that you report on your tax return. You don't get to deduct them again. The employer also reports the elective deferrals to a 401(k) with code D in box 12 of your W-2. Simply enter the W-2 into TurboTax as received and TurboTax will take care of the rest. Be sure to visit the Retirement Savings Contributions Credit section of the step-by-step interview to see if your elective deferrals qualify you for this credit.
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