Turbo Tax asks me to get the contribution from my year end statement. the year end statement from my employer reports the balance from July one year, to June the next year. Turbo tax asks to indicate my contributions thru April 15 on that tax year. Am I to estimate what the amount would have been reported spanning January to December of that tax year? Is Turbo Tax asking if I choose to ADD to my Year End Summary for that Tax year?
A 401(a) or retirement contribution that comes out of your paycheck pre-tax (meaning before taxes) has already been deducted from your gross wages in box 1 on your W2, and you can't deduct it again. Notice that box 1 is less than boxes 3 & 5. You only enter it from the W2.