turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bab28csus
New Member

I put money into a 401k and a Roth IRA. The deductions tab has a "Traditional IRA and Roth IRA" Do I put my 401k contribution under traditional? If not, do I put my 401k under somewhere???

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
rainydaze
New Member

I put money into a 401k and a Roth IRA. The deductions tab has a "Traditional IRA and Roth IRA" Do I put my 401k contribution under traditional? If not, do I put my 401k under somewhere???

Your 401k contribution shows up on your W-2.  As long as you enter your W-2 as it was received, your 401k contribution will be captured.  Do not enter your 401k contribution under the IRA section since it is NOT an IRA.  

You will not see any "refund" or "deduction" for the 401k because it is already reflected on your W-2 in Box 1.  

View solution in original post

2 Replies
rainydaze
New Member

I put money into a 401k and a Roth IRA. The deductions tab has a "Traditional IRA and Roth IRA" Do I put my 401k contribution under traditional? If not, do I put my 401k under somewhere???

Your 401k contribution shows up on your W-2.  As long as you enter your W-2 as it was received, your 401k contribution will be captured.  Do not enter your 401k contribution under the IRA section since it is NOT an IRA.  

You will not see any "refund" or "deduction" for the 401k because it is already reflected on your W-2 in Box 1.  

mike9
New Member

I put money into a 401k and a Roth IRA. The deductions tab has a "Traditional IRA and Roth IRA" Do I put my 401k contribution under traditional? If not, do I put my 401k under somewhere???

We are over age 50 and could place up to 24,000 into my wife's individual 401k contribution. However, TurboTax would flag this amount when we went to file.

The key is to enter the first 18,000 as a 401k contribution and anything else over that amount as a catchup amount on the next line down that asks for catchup contributions.

Individual 401k contributions are found in the business expenses section since they reduce your income and should be entered with income so that you can get your maximum education or medical deductions.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies