Contributing to an employer savings plan....Is that the same as contributing to a traditional ira?

[KenH1 · Accepted solution]

No. employer-sponsored plan contributions are reported on your W2, Box 12, usually with code "D" or "E." Box 1 of your W2 should be reduced by the amount of your contribution (unless it's a Roth 401k). That's how it is claimed.

IRA contributions are not administered by employers (thus not on your W2), so those are separate interview questions. To enter IRA contributions:

1) Select Federal Taxes in the top menu

2) Select Deductions and Credits just below the top menu

3) Scroll down to Retirement and Investments and select Show More

4) Select Start next to Traditional and Roth IRA Contributions

Hope this helps.