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If I have paperwork regarding a 401k or savings plan, what information do I need to enter?

 
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IreneS
Intuit Alumni

If I have paperwork regarding a 401k or savings plan, what information do I need to enter?

You do not need to enter any information on a 401k or an employer retirement savings plan.  If you received a distribution from the plan, you would receive a Form 1099-R and you would enter that information.

If you made contributions to a traditional IRA, you'll want to enter the information in TurboTax because you may be eligible for a tax deduction. 

To enter contributions to a Traditional IRA in TurboTax, please follow these steps:

    1. Click on Federal Taxes > Deductions & Credits 
    2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  [See Screenshot #1, below.]
    3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue[Screenshot #2]
    4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3]
    5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Most likely,it isn't.] [Screenshot #4]
    6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.  [Screenshot #5]
    7. Continue through the screens, entering the requested information


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