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Turbo tax is saying I don't qualify for a 401k tax credit, when in fact I do. How can I enter my 401k contribution numbers on my tax return?

 
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2 Replies
RobertG
Expert Alumni

Turbo tax is saying I don't qualify for a 401k tax credit, when in fact I do. How can I enter my 401k contribution numbers on my tax return?

Are you sure you can claim a deduction?

 

401K contributions are made with pre-tax money, since you don't pay tax on the money contributed, you can't deduct it.

 

The only retirement contributions that are deducible are contributions to a traditional IRA.

 

To enter an IRA contribution

  1. Sign in to your account.
  2. Type IRA contributions into the search box 
  3. Select Jump to IRA contributions 
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Turbo tax is saying I don't qualify for a 401k tax credit, when in fact I do. How can I enter my 401k contribution numbers on my tax return?

Thank you. I had an accountant do my return last few years and did it myself this year, so after further research.. turbo tax is correct, in which I no longer qualified.  So this question has now been answered. Thank you!

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