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can i not claim my $106.00 deduction for my 401 plan

can i not claim my $106.00 deduction to my 401k
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2 Replies
ThomasM125
Expert Alumni

can i not claim my $106.00 deduction for my 401 plan

Contributions you make to a 401-K plan are deducted in the form of a subtraction from your wage income, as reported in box 1 of your W-2 form. So, you pay tax on your net wage income after the contributions are subtracted, which is reported when you enter your W-2 form. There is no additional entry you need to make in TurboTax.

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can i not claim my $106.00 deduction for my 401 plan

You already got the deduction.  It should be on your W2 in box 12.  401K come out of your checks pretax and have already been deducted from the wages in box 1 and you can't deduct it again.  See box 1 should be less than boxes 3&5.  Unless it was to a ROTH 401K.  A ROTH is not deductible.

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