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tina0331
New Member

Hi there! I just wanted to clarify.. I currently contribute a portion/percentage of my bi-weekly paychecks to my employer-provided retirement plans. Do these contributions qualify for deductions when filing?

 
2 Replies
LindaA
Level 10

Hi there! I just wanted to clarify.. I currently contribute a portion/percentage of my bi-weekly paychecks to my employer-provided retirement plans. Do these contributions qualify for deductions when filing?

These contributions may qualify you for a Saver's Credit if you meet certain criteria. Your payroll contributions to your retirement plan are reported on your W-2 in Box 12. TurboTax will use this information to see if you qualify for the credit.

What is the Saver's Credit?  https://ttlc.intuit.com/replies/3301263
What do all the letter codes in Box 12 of my W-2 mean? https://ttlc.intuit.com/replies/3300234
How do I fill out the Box 12 information from my W-2? https://ttlc.intuit.com/replies/4785646



Carl
Level 15

Hi there! I just wanted to clarify.. I currently contribute a portion/percentage of my bi-weekly paychecks to my employer-provided retirement plans. Do these contributions qualify for deductions when filing?

Both employer and employee contributions to your employer sponsored retirement account are not included in box 1 of your W-2 and is therefor not taxed. The amount contributed is shown in box 12 with whatever the appropriate letter or number code is for your specific type of plan.So you don't get a "deduction" for this per-se, since you can't deduct that which you are not taxed on in the first place.

However, there is a "contribution credit" you may (or may not) qualify for depending on the plan type as indicated by the number or letter code in box 12 of the W-2. That's dealt with under the Deductions & Credits tab under the Retirement & Investments heading in the Retirement Savings Contributions Credit section of the program, when you get to that point in the program.

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