Solved: I contributed $422.91 to a tax qualified retirement plan with my employer. My employer matches my annual contributions to the plan. Why can't this be deducted?
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I contributed $422.91 to a tax qualified retirement plan with my employer. My employer matches my annual contributions to the plan. Why can't this be deducted?

 
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Level 6

I contributed $422.91 to a tax qualified retirement plan with my employer. My employer matches my annual contributions to the plan. Why can't this be deducted?

If you contributed to a tax deferred retirement plan at work, your contribution has already been excluded from taxation on your form W-2. The amount of wages in box 1 of form W-2 is smaller than the amount in box 5 (Medicare wages) by the amount of your contribution.

Your contribution is not deducted on line 51 of form 1040.
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Level 6

I contributed $422.91 to a tax qualified retirement plan with my employer. My employer matches my annual contributions to the plan. Why can't this be deducted?

If you contributed to a tax deferred retirement plan at work, your contribution has already been excluded from taxation on your form W-2. The amount of wages in box 1 of form W-2 is smaller than the amount in box 5 (Medicare wages) by the amount of your contribution.

Your contribution is not deducted on line 51 of form 1040.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

New Member

I contributed $422.91 to a tax qualified retirement plan with my employer. My employer matches my annual contributions to the plan. Why can't this be deducted?

Thank you so much for your help!
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