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Level 3
posted Jan 26, 2024 4:38:06 PM

I have a 401K that I put money into every pay period and my employer puts into it as well. Where do I put the number thats in 12a when I'm filing my taxes?

I put in 10 and my employeer puts in 10. If I don't put the number in, refund is small. If I put the number in, my refund is slightly higher.

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1 Best answer
Level 15
Jan 26, 2024 4:41:37 PM

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Your employer has already excluded the deductible amount from the amount in box 1 of your W-2 so you don't get to deduct it again.  Employer contributions are not to be reported anywhere on your tax return.

2 Replies
Level 15
Jan 26, 2024 4:41:37 PM

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Your employer has already excluded the deductible amount from the amount in box 1 of your W-2 so you don't get to deduct it again.  Employer contributions are not to be reported anywhere on your tax return.

Level 15
Jan 26, 2024 5:10:25 PM

You don't enter it anywhere except your W-2.  Your box 1 taxable wages are already reduced by the amount you put in the 401k, that's how you get your taxes reduced.  You don't also get a separate tax deduction.