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Level 2
posted Jan 23, 2020 10:35:34 AM

My company takes after tax out.

So my question is when it says enter any additional contribution after-tax do I have to enter that in or is that already configured into the after-tax my plan is set up to take money from my check after taxes get taken out.

0 10 2789
10 Replies
Expert Alumni
Jan 23, 2020 10:54:41 AM

Additional information is required to answer this question with certainty. 

 

  1. What is the contribution for?
  2. In what box is it reported on your W-2, and with what code?

If the contribution is reported on your W-2 with a code that defines what it is, you should not need to enter it a second time.

Level 2
Jan 23, 2020 11:01:15 AM

It is in the 12a box EE is the code and also it has $606.36

Expert Alumni
Jan 23, 2020 11:18:23 AM

Code EE is used for Designated Roth contributions under a governmental section 457(b) plan and useed to report designated Roth contributions under a governmental section 457(b) plan. 

 

See this IRS Link for more information.

Level 2
Jan 23, 2020 11:35:51 AM

But am I spose to get money back from that on my tax return.

Expert Alumni
Jan 23, 2020 11:45:59 AM

After tax contributions that are listed on your W-2 form should not be entered again in Turbo Tax. 

 

By definition, an after tax contribution is not deductible. You don't get a deduction when you put money in, but it grows tax free and when you take the money out it is not taxed, assuming you follow the rules and don't take it out early. 

 

Making a retirement contribution of any kind may get you a Retirement Savings Contribution Credit. You can review that section under Deductions & Credits to see if you qualify. 

Level 2
Jan 23, 2020 11:52:10 AM

How do I know if my retirement plan is qualified.

Expert Alumni
Jan 23, 2020 12:30:13 PM

Qualified Retirement Plan is an employer's plan to benefit employees that satisfy the Internal Revenue Code in both form and operation.

Here is a list of Qualified plans :

  • 401(k)s
  • 403(b)s (also known as tax-sheltered annuity plans)
  • 457 plans for government employees
  • Traditional IRAs
  • Roth IRAs
  • SEP and SIMPLE plans for employees of small businesses
  • Pension plans
  • Profit-sharing plans
  • Stock bonus plans

Level 2
Jan 23, 2020 12:47:13 PM

If I was enrolled in the 457b plan in 2019 and they take money out of my check each time I get paid does that mean I contributed?

Expert Alumni
Jan 23, 2020 12:56:52 PM

Yes, you contributed, but Roth IRA contributions are nondeductible, and After-tax contributions that are listed on your W-2 form should not be entered again in Turbo Tax.

Expert Alumni
Jan 23, 2020 1:11:43 PM

Yes, when your employer deduct an amount each month from your paycheck and puts it into your retirement account that means you contributed to the account .