When I input my 401K contributions into TurboTax Premier desktop in the W2 box 12 code D section
it does not Chage my taxes owed.
why?
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Contributions to an employer sponsored 401(k) are not reported on a tax return. They are pre-tax contributions.
401K code D. It comes out of your checks pretax and has already been deducted from the wages in box 1 and you can't deduct it again. Notice that box 1 should be less than boxes 3&5.
The value in box 12, code D, just defines how much of the wage difference for box 1 was from pre-tax 401k contributions.
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