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Should I fill out the information about by 401K under the "traditional IRA" contributions seciton? Or are these different things?

 
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4 Replies

Should I fill out the information about by 401K under the "traditional IRA" contributions seciton? Or are these different things?

No.  A 401K is not the same as a IRA.  401K contributions come out of your paycheck pretax and are on your W2.  Only enter 401K from the W2.  It will be in box 12 code D.  Only enter IRA contributions you make in the IRA section.

Should I fill out the information about by 401K under the "traditional IRA" contributions seciton? Or are these different things?

If you have a 401(k) retirement account provided by your employer and made tax free contributions to that account then your contributions are on the W-2 in box 12 with a code of D.  You do not enter those contributions anywhere else on your tax return.

crmfghtr
New Member

Should I fill out the information about by 401K under the "traditional IRA" contributions seciton? Or are these different things?

I have a situation where i made 401k contributions each pay period. When i received my W2 these contributions were not on the w2 in box 12, but these was a X marked in Ret Plan under that section. Do I enter the amount paid under the IRA deduction section or? 

Should I fill out the information about by 401K under the "traditional IRA" contributions seciton? Or are these different things?

No.  A 401k is not an IRA.  Better ask your employer why they are not in  W2 box 12.  You only enter 401K contributions on  your W2, nowhere else.  Did they come out of your pay pre-tax or after tax?  Were they to a ROTH 401k plan?  

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