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New Member
posted Mar 22, 2020 1:13:21 PM

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
Expert Alumni
Mar 22, 2020 1:37:23 PM

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 

New Member
Mar 22, 2020 2:14:35 PM

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!