Should I enter in just my IRA contribution or mine and my employers matching contribution

[dmertz]

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

Employer contributions to an employer plan are not to be entered anywhere in TurboTax.

[xmasbaby0]

Enter the amounts from the boxes on your W-2 and you are done.  Do not go anywhere else in the software to enter the employer amount or your amount for the retirement plan.

[rachael0329]

Roger that, thank you for the response!

[Opus 17]

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@rachael0329 wrote:

Roger that, thank you for the response!

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A workplace plan is NOT an IRA, even though it may seem similar.  It is probably a 401k or 403b, or something similar.  

However, there is a new thing called a Payroll Deduction IRA, which is designed to make retirement savings easier for small employers.  With a payroll deduction IRA, you open a private IRA in your name, and your employer deducts contributions after-tax from your paycheck and deposits them into the IRA for you.  Essentially, a forced savings plan, but instead of your employer putting part of your paycheck into a savings account, they put it into an IRA.

https://www.irs.gov/retirement-plans/plan-sponsor/payroll-deduction-ira

The key differences between this and a "qualified workplace retirement plan" is that with a payroll deduction IRA, you own the IRA.  You can deduct contributions on your tax return,  and your employer is NOT allowed to match or contribute any funds. Your maximum contribution for 2023 was $6500 (instead of workplace plans where the maximum was $22,500).

While you might have a payroll deduction IRA, it is most likely that you have another form of qualified workplace plan, that is only reported on your W-2.