In the Retirements and Investment section (under the Federal Tax "Deductions and Credit" section) it allows one to enter amounts for Traditional and Roth IRA contributions as well as Retirement Savings contributions. My wife and I (married filing jointly) have 4 areas of retirement savings reported in Box 12 on our W2s - and I would like to know what is permitted/qualified to be entered in these turbo tax sections to potentially improve our credit/refund:
D = $13,672.19 (elective deferrals to a section 401K cash or deferred arrangement)
E = $3,852.00 (elective deferrals under a section 403(b) salary reduction agreement)
G = $1,977.53 (elective deferrals and employer contributions - including non elective deferrals- to a section 457 (b) deferred compensation plan)
EE = $3,852 (designated Roth contributions under a governmental section 457(b). This amount does not apply to contributions under a tax-exempt organization section 457 (b) plan)
Any help would be much appreciated!
You only enter those from the W2, nowhere else. They come out of your paychecks pretax and have already been deducted from the wages in box 1and you can't deduct it again.
What about the investment gains? Where do you enter that info if you have only received a statement from the bank/broker?
Thanks
@vsimone316 The investment gains on your retirement income are not reported. That is the main benefit of a retirement plan, not paying taxes on the gains while it is growing. You are expected to track your basis in investments. I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, 5498, and any 8606 forms.