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Level 1
posted Apr 13, 2020 7:29:35 PM

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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1 Best answer
Expert Alumni
Apr 13, 2020 7:49:35 PM

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.

4 Replies
Expert Alumni
Apr 13, 2020 7:49:35 PM

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.

Level 1
Apr 13, 2020 7:53:42 PM

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?

Expert Alumni
Apr 13, 2020 8:01:44 PM

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. 

Level 1
Apr 13, 2020 8:33:40 PM

Thank you for confirming, Kris. Much appreciated!