Do I need to add 401k contributions listed on my W-2 entry as a Traditional IRA under the Deduction & credit section?
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1 Best answer
VolvoGirl
Level 15
Jun 3, 2019 10:14:28 AM
NO! Only enter it on the W2. It is not an IRA contribution. It is not deductible. 401K contributions come out of your paycheck pretax meaning before being taxed and have already been deducted from the wages in box 1 and you can’t deduct them again.
2 Replies
VolvoGirl
Level 15
Jun 3, 2019 10:14:28 AM
NO! Only enter it on the W2. It is not an IRA contribution. It is not deductible. 401K contributions come out of your paycheck pretax meaning before being taxed and have already been deducted from the wages in box 1 and you can’t deduct them again.
MarilynG
Expert Alumni
Jun 3, 2019 10:14:30 AM
Your 401K contributions could make you eligible for a Retirement Savings Credit.
Type 'retirement savings credit' in the Search window, and click on 'Jump to retirement savings credit' to see.