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Level 2

Question

Hey all: So I contribute to a 403b, and report the amount in my W-2 using code E. Why does this not reduce my AGI on TurboTax?

Forum|Forum|3 years ago
March 5, 2023
2 replies
0 views

My adjusted gross income is the same as my income, so the contributions are not being counted. Why?

TurboTax Premier Online

Level 15

Because the amount is deferred from your income in box 1 of the W-2 so you are not being taxed on the amount deferred.

Level 15

It comes out of your checks pretax and have already been deducted from the wages in box 1 and you can't deduct it again. See W2 box 1 should be less than boxes 3&5.

gubbenAuthor

Level 2

Oh right... box 3 is my total salary, and box 1 is my income. The difference adds up to my 403b contributions for the year. D'oh. Thank you for pointing that out.