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parakeetguy2020
Level 1

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

Hello. I'm working through turbotax deluxe and am at the "Tell Us How Much You Contributed" question in the Deductions & Credits section. It's not clear if I enter the full amount as shown on my IRA end-of-year statement, or if I can only claim what I myself contributed (excluding what my employer put in). Would anyone be able to point me in the right direction please?

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Accepted Solutions
AmyC
Employee Tax Expert

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

The answer depends on the type.

  • If this is an employer sponsored IRA, you contribute at work, it is in box 12 of your W2, do nothing else.
  • If you went to a bank or broker and opened an IRA on your own, your employer would not be contributing. Then you would go through the IRA section of the program.
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4 Replies
AmyC
Employee Tax Expert

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

The answer depends on the type.

  • If this is an employer sponsored IRA, you contribute at work, it is in box 12 of your W2, do nothing else.
  • If you went to a bank or broker and opened an IRA on your own, your employer would not be contributing. Then you would go through the IRA section of the program.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

parakeetguy2020
Level 1

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

Hi Amy, thank you for replying! It's an employer-match IRA (eg. if I put in $50, they also put in $50). In that case, would I skip the IRA section of the program entirely?

KrisD15
Employee Tax Expert

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

Yes, the information is in Box 12 of your W-2. Your employer coded it so the program knows how much you contributed. 

Be sure you entered the W-2 completely. 

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parakeetguy2020
Level 1

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

Thank you for confirming, Kris. Much appreciated!

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