IRA Contributions

Forum|Forum|3 years ago
March 7, 2023
2 replies
4 views

I receive a pension (Federal Gov.) I work part time and contribute to a company sponsored IRA. How do I separate pension income from part time company income for the purpose of a deduction for my IRA contributions? I am using Home and Business.

TurboTax Home & Biz Windows

JulieS

Level 15

No, you can't separate the income on your return to calculate your IRA deduction.

You say, "I work part time and contribute to a company sponsored IRA." I am assuming by that you mean that your employer is offering a 401(K) IRA, a 401(K) Roth, or similar, and your contributions are deducted from your pay.

If that is the case, you can't deduct the IRA contributions on your tax return because they are already deducted from your pay (except Roth, which is not deductible at all) and are reported on your W-2 form in box 12.

If this is not what you mean, please reply back with more details and we will help you further.

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Opus 17

Level 15

An IRA is an individual retirement arrangement. Almost all company plans are offered under different sections of the tax code (401k, 403b, 457a, and others). They are not IRAs even though they have a similar purpose. Contributions to a company plan are already subtracted from your taxable income and you never list them separately as any kind of IRA contribution.