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New Member
posted Feb 3, 2020 12:04:45 PM

I’m asking if the retirement plan is the same as 401K. I have been asked if I contributed to a retirement plan and wondering if that is the same as 401k. Please let me know

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2 Replies
Expert Alumni
Feb 3, 2020 12:28:14 PM

401K is  is a qualified retirement plan that meets the standards set forth in the Internal Revenue Code (IRC) for tax-favored status.

Here are other types of retirement Plans:

  • 401(k) or 403(b) Offered By Your Employer. For most people, a 401(k) plan is the easiest and best place to start investing for retirement. ...
  • Solo 401(k) ...
  • SEP IRA. ...
  • Simple IRA. ...
  • IRA. ...
  • Roth IRA. ....

Level 15
Feb 3, 2020 12:56:14 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.