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cassilee4
New Member

Federal Taxes-Deductions & Credits-Traditional & IRA Contributions - does this include what you pay out of your paycheck every pay period?

 
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DawnC0
Intuit Alumni

Federal Taxes-Deductions & Credits-Traditional & IRA Contributions - does this include what you pay out of your paycheck every pay period?

No.  The deductions for contributions made through your paycheck (401K type plans) are included when you enter your W-2 information (box 12).   The deduction you referenced is a deduction for money/contributions that you put into a traditional Individual Retirement Account (IRA).

An individual retirement account (IRA) is a personal savings plan that offers you tax incentives to set aside money for your retirement.  

You can open an IRA by making a deposit with an IRS-approved custodian (such as a bank, mutual fund, or stockbroker).

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