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"?
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1 Best answer
MaryK4
Expert Alumni
Mar 15, 2021 4:28:37 PM
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
Expert Alumni
Mar 15, 2021 4:28:37 PM
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.
dmertz
Level 15
Mar 15, 2021 5:07:15 PM
And just to make it clear, a 401(k) is not an IRA.