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Roth and traditional iras shown on my W2 and have imported all that information.do I need to add the information again in the deductible & credit section?
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Roth and traditional iras shown on my W2 and have imported all that information.do I need to add the information again in the deductible & credit section?
Roth and traditional IRA's are not reported on a W-2 form. Employer sponsored retirement plans, such as a 401k, would be reported on a W-2.
If you contributed to a retirement plan via payroll deductions, then you would not enter contributions in the Deductions & Credit section. Your W-2 entry is all that is required.
If you initiated a Roth or traditional IRA on your own, separate from your employer through a bank, mutual fund or brokerage, then you would enter your contributions under the Deductions & Credits section.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Roth and traditional iras shown on my W2 and have imported all that information.do I need to add the information again in the deductible & credit section?
Roth and traditional IRA's are not reported on a W-2 form. Employer sponsored retirement plans, such as a 401k, would be reported on a W-2.
If you contributed to a retirement plan via payroll deductions, then you would not enter contributions in the Deductions & Credit section. Your W-2 entry is all that is required.
If you initiated a Roth or traditional IRA on your own, separate from your employer through a bank, mutual fund or brokerage, then you would enter your contributions under the Deductions & Credits section.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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