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Do i need my 401k (traditional IRA) contributions?

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Employee Tax Expert

Do i need my 401k (traditional IRA) contributions?

No, you don't to enter your 401K contributions (regardless what kind). All you have to do is enter your form W-2 exactly as it appears. The 401(k) plan contributions you elect to make come directly out of your salary. Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income (box 1) tax are lower because of your 401(k) plan contributions (box 12). Since the contributions are not counted in your taxable income to begin with, you do not take a deduction when you file your return.

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