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What is the code in box 12 of the W-2 ?
What is the code in box 12 of the W-2 ?
You do not have an IRA. You have a 401K or 457 or an employer plan. You only enter it from the W2. Nowhere else. Do not enter it under Deductions.
Thank you
You have a 401-K plan. The money you contribute is deducted from your wage income as reported in box 1 on your W-2 form. The amount the employer contributes is not reported as income on your W-2 form.
As such, all you need to do is enter your W-2 form in TurboTax and you will get a tax benefit from your 401-k, since your pension plan contribution will be deducted from your otherwise taxable income.
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