Is an SRA the same thing as an IRA?

[ninaredzovic]

Is an SRA the same thing as an IRA for filing taxes?

[KenH1]

Not quite.  They accomplish the same goal, which is tax-deferred retirement savings, but the SRA is administered by your employer and the IRA is not.

Employer-sponsored plan (SRA, 401k, 403b, etc) contributions are reported on your W2, Box 12, usually with code "D" or "E." Box 1 of your W2 should be reduced by the amount of your contribution (unless it's a Roth 401k). That's how it is claimed.

IRA contributions are not administered by employers (thus not on your W2), so those are separate interview questions. To enter IRA contributions:

1) Select Federal Taxes in the top menu

2) Select Deductions and Credits just below the top menu

3) Scroll down to Retirement and Investments and select Show More

4) Select Start next to Traditional and Roth IRA Contributions

Hope this helps.