I filed my taxes already, but after double checking I believe I listed the wrong amount on box 32 of form 1040 regarding 401K/IRA.
I contributed the listed amount from box 32 into an employer sponsored 401k program.
Should I have listed $0 in that box instead since I only contributed to the 401K program in 2015, not an additional IRA?
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No, you shouldn't have entered anything in that field. Please amend your tax return.
Any employer - sponsor retirement contributions are already listed on your W2, box 12. Entering W2 form into Turbo Tax exactly as it appears is the only entry required.
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) 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.
Please see article below on how to amend:
No, you shouldn't have entered anything in that field. Please amend your tax return.
Any employer - sponsor retirement contributions are already listed on your W2, box 12. Entering W2 form into Turbo Tax exactly as it appears is the only entry required.
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) 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.
Please see article below on how to amend:
so I don't have to put down my 401k
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