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Level 1
posted Feb 17, 2020 1:40:26 PM

If I have an IRA with my company and they match my deduction into the IRA, which one do I have?

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1 Best answer
Level 15
Feb 17, 2020 1:44:56 PM

What is the code in box 12 of the W-2 ? 

4 Replies
Level 15
Feb 17, 2020 1:44:56 PM

What is the code in box 12 of the W-2 ? 

Level 15
Feb 17, 2020 3:15:00 PM

You do not have an IRA.  You have a 401K or 457 or an employer plan.  You only enter it from the W2.  Nowhere else.  Do not enter it under Deductions.

Level 1
Feb 17, 2020 3:18:45 PM

Thank you

Expert Alumni
Feb 17, 2020 3:19:10 PM

You have a 401-K plan. The money you contribute is deducted from your wage income as reported in box 1 on your W-2 form. The amount the employer contributes is not reported as income on your W-2 form.

 

As such, all you need to do is enter your W-2 form in TurboTax and you will get a tax benefit from your 401-k, since your pension plan contribution will be deducted from your otherwise taxable income.