You'll need to sign in or create an account to connect with an expert.
NO! Only enter it on the W2. It is not an IRA contribution. It is not deductible. 401K contributions come out of your paycheck pretax meaning before being taxed and have already been deducted from the wages in box 1 and you can’t deduct them again.
NO! Only enter it on the W2. It is not an IRA contribution. It is not deductible. 401K contributions come out of your paycheck pretax meaning before being taxed and have already been deducted from the wages in box 1 and you can’t deduct them again.
Your 401K contributions could make you eligible for a Retirement Savings Credit.
Type 'retirement savings credit' in the Search window, and click on 'Jump to retirement savings credit' to see.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Nick2024
New Member
Vladimir101
Level 2
gowrish
New Member
SoCalRetiree
Level 1
ayubruin7777
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.