You'll need to sign in or create an account to connect with an expert.
A 403(b) plan is not an IRA. Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.
As stated, 403(b) plans are not the same thing as a traditional IRA. However, contributions to your 403(b) may decrease your taxable income similarly to a traditional IRA contribution, as contributions are taken out of salary & wages pre-tax. For tax year 2024, taxpayers could contribute up to $23,000 to a 403(b). In some cases, taxpayers may be able to make nondeductible contributions to these plans. See the link below for more information.
Are 403(b) Contributions Tax Deductible?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
luvredskin
New Member
fstevens149
New Member
Joella_Ann
New Member
tbelf114433
New Member
matt-tran22
New Member