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Level 1
posted Mar 15, 2021 4:17:09 PM

declaring 401k contributions

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
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
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.  

Level 15
Mar 15, 2021 5:07:15 PM

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