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Level 1
posted Jan 13, 2023 7:44:30 AM

If I had 6% of my pay taken out pre-tax for my company retirement account (which they match 50%), do I still use the "Traditional & Roth IRA Contributions" tax break?

Also I put in $7,530 and I am 42...says I can deduct up to $6,000 a year, but is that just for additional monies I put in from my own bank, not through the company?

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1 Best answer
Level 15
Jan 13, 2023 7:48:44 AM

If you are referring to elective deferrals to an employer provided tax deferred retirement 401(k) account, you do not enter anything in the section for IRA contributions.  Unless you have a separate IRA outside of your employer retirement account.

Your deferrals to the 401(k) are reported on your W-2 box 12 with a code of D and are not entered anywhere else on a tax return.

1 Replies
Level 15
Jan 13, 2023 7:48:44 AM

If you are referring to elective deferrals to an employer provided tax deferred retirement 401(k) account, you do not enter anything in the section for IRA contributions.  Unless you have a separate IRA outside of your employer retirement account.

Your deferrals to the 401(k) are reported on your W-2 box 12 with a code of D and are not entered anywhere else on a tax return.