I contributed $11,976.61 into a deferred compensation account in 2016, however, that number does not appear on line 51 Retirement savings contributions credit. Why not?

ldejonge · ‎June 6, 2019

MinhT · ‎June 6, 2019

If you contributed to a deferred compensation account at work, your contribution has already been excluded from taxation on your form W-2. The amount of wages in box 1 of form W-2 is smaller than the amount in box 5 (Medicare wages) by the amount of your contribution.

Your contribution is not deducted on line 51 of form 1040.

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View solution in original post

MinhT · ‎June 6, 2019

If you contributed to a deferred compensation account at work, your contribution has already been excluded from taxation on your form W-2. The amount of wages in box 1 of form W-2 is smaller than the amount in box 5 (Medicare wages) by the amount of your contribution.

Your contribution is not deducted on line 51 of form 1040.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I contributed $11,976.61 into a deferred compensation account in 2016, however, that number does not appear on line 51 Retirement savings contributions credit. Why not?