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In TurboTax, you don't need to enter contributions you made to your 403(b) plan at work.
These contributions are already reported on your form W-2 in box 12 with code E and have already been excluded from taxation in the amount reported in Box 1 of your W-2.
Please check that your W-2 has the amount of your 403(b) contributions in box 12 code E and enter your W-2 in TurboTax as received.
On your W-2 in box 12 there should be a code of E entered with an amount. These are your 403(b) contributions you made in 2023. You do not enter them anywhere else on the tax return.
The contributions reduced your gross income in box 1. Notice the box 3 and box 5 amounts are higher than box 1.
No. When you enter your W-2, the information is already on the W-2 and gets entered into the program when you enter your W-2 box 12 You do not enter it anywhere else.
My wife has $3,600 403b In box 14. Turbo tax wants me to chose a category for this? she works at a school. I don't know what to choose?
She also has a much higher amount $18,000 in Box 12 E which is i thought where her 403b contributions are supposed to be listed? What do i do?
@jdddddd wrote:
My wife has $3,600 403b In box 14. Turbo tax wants me to chose a category for this? she works at a school. I don't know what to choose?
She also has a much higher amount $18,000 in Box 12 E which is i thought where her 403b contributions are supposed to be listed? What do i do?
Box 14 is a free field employers use to enter items that might be of interest to employees, it is not used for any official purpose by the IRS. Some states use box 14 for items that adjust your state income taxes.
What state are you in?
You will likely have to ask the employer. Box 12 is your salary deferral to the 403b, but it does not include employer match. Maybe they put the match in box 14 to remind you (it has no effect on your taxes.) In New Jersey specifically (I don't know about other states), 403b contributions are not tax-deductible, so they need to be added back to the employee's state taxable income. Turbotax should do that automatically from box 12, but maybe the employer put something in box 14 about that. There could be other reasons for the entry depending on your state.
Yes we live in NJ and have had her 403b taxed by NJ in the past years. She works in NYC, NY.
We have to keep track of her 403b contributions so NJ does not tax us on those contributions when she withdraws from it at retirement.
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