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emmisma
New Member

Are Regular Contributions different than payroll deductions to my IRA?

 
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2 Replies

Are Regular Contributions different than payroll deductions to my IRA?

 Yes.  Your payroll deductions are probably for a 401K plan and come out of your pay pre-tax.  Unless you have the IRA contributions deducted from  your pay and sent to your IRA plan separately.  But usually  you don't do that.   401K and IRA are different things.  An IRA is set up outside of work on your own like at a bank or broker.  

dmertz
Level 15

Are Regular Contributions different than payroll deductions to my IRA?

Enter amounts from box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

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