Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 30, 2021 11:24:44 AM

I contribute to a 401k through work. Does that go in under traditional IRA or is that counted when I entered my W2?

0 2 381
2 Replies
Level 15
Jan 30, 2021 11:26:42 AM

A 401(k) is not an IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

Level 15
Jan 30, 2021 11:27:37 AM

No a 401K is not a IRA.  Only enter it from your W2, nowhere else.  It has already been deducted from the wages in box 1 and you can't deduct it again.