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Do I need to enter contributions in the tradition ira and roth ira if they are contributed by the company?

 
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Accepted Solutions
MargaretL
Expert Alumni

Do I need to enter contributions in the tradition ira and roth ira if they are contributed by the company?

No, you don't.  They are already reflected on your W-2, box 12.Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. They are deducted as a pre-tax contributions, which means you are already getting a tax benefit from it.  Deducting them again in Deductions & Credits section would be double dipping, and that's not allowed. 

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1 Reply
MargaretL
Expert Alumni

Do I need to enter contributions in the tradition ira and roth ira if they are contributed by the company?

No, you don't.  They are already reflected on your W-2, box 12.Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. They are deducted as a pre-tax contributions, which means you are already getting a tax benefit from it.  Deducting them again in Deductions & Credits section would be double dipping, and that's not allowed. 

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