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Level 2
March 15, 2021
Solved

declaring 401k contributions

  • March 15, 2021
  • 2 replies
  • 2 views

Should I be listing my 401k contributions (which my employer automatically takes out of my paycheck) on the "Retirement and Investments" section of "Deductions & Credits"? 

Best answer by MaryK4

No, you do not add the 401k contributions in the Deductions & Credits section- the information is on your W2 so TurboTax will have the information.  The 401k can be used for the Saver's Credit if you qualify- this information would be added in Deductions & Credits, but TurboTax will prompt you.    See What Is the Savers Credit? - TurboTax Tax Tips & Videos.  

2 replies

MaryK4
MaryK4Answer
Level 15
March 15, 2021

No, you do not add the 401k contributions in the Deductions & Credits section- the information is on your W2 so TurboTax will have the information.  The 401k can be used for the Saver's Credit if you qualify- this information would be added in Deductions & Credits, but TurboTax will prompt you.    See What Is the Savers Credit? - TurboTax Tax Tips & Videos.  

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Level 15
March 16, 2021

And just to make it clear, a 401(k) is not an IRA.