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It depends. First, if you made 401K contributions through your employer, they should be reported in box 12 with a code D. If you see that code, but the box 13 is not checked, you do wish to have your employer issue a corrected W-2 to account for this apparent oversight.
The reason that this is important is that if you have a 401K, you may be limited as to how much (or even if) you can contribute tax advantaged to an IRA and be allowed to deduct the amount on this year's tax return. Here is an FAQ on this: https://ttlc.intuit.com/replies/3301534
Still, even if you cannot receive the tax advantage now, it may still be wise financial planning for the future to maximize your contributions. While you may not get the tax deduction, you will have more money put away for later in life, and that amount will not be taxable when you use is if you do not get a deduction now.
It depends. First, if you made 401K contributions through your employer, they should be reported in box 12 with a code D. If you see that code, but the box 13 is not checked, you do wish to have your employer issue a corrected W-2 to account for this apparent oversight.
The reason that this is important is that if you have a 401K, you may be limited as to how much (or even if) you can contribute tax advantaged to an IRA and be allowed to deduct the amount on this year's tax return. Here is an FAQ on this: https://ttlc.intuit.com/replies/3301534
Still, even if you cannot receive the tax advantage now, it may still be wise financial planning for the future to maximize your contributions. While you may not get the tax deduction, you will have more money put away for later in life, and that amount will not be taxable when you use is if you do not get a deduction now.
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