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bricoasty
New Member

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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PaulaM
Employee Tax Expert

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.

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1 Reply
PaulaM
Employee Tax Expert

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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