What does D17 in box 12 of W2 mean? Are 401K and IRA the same?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

What does D17 in box 12 of W2 mean? Are 401K and IRA the same?

 
2 Replies
Level 15

What does D17 in box 12 of W2 mean? Are 401K and IRA the same?

Code D with a year suffix is used to indicate the year for which a make-up contribution for a prior year is made under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA).  The "17" in code D17 refers to a contribution made for 2017 and is a redundant indication since code D by itself on a 2017 W-2 already means a contribution for 2017.  Ignore the "17" and select code D from TurboTax's drop-down box.
New Member

What does D17 in box 12 of W2 mean? Are 401K and IRA the same?

The "D" code in box 12 relates to 401(k) contribution made by your employer to your retirement plan. (There should only be a code letter in box 12, the number may refer to the amount of your 401(k) contributions during the year.)

Both a 401(k) and a Traditional IRA are tax deferred types of retirement plans. However, you usually make 401(k) through your employer since these plans are generally set up by business. Whereas an IRA is a retirement plan that you can fund yourself and you can claim a deduction for contributions to an IRA up to $5,500 (or $6,500 for people over 50)

You will not be able to claim your 401(k) contributions listed on your W-2 as an IRA deduction.

For more information on retirement plans, please click on this link - https://www.irs.gov/retirement-plans

Dynamic Ads
v
Privacy Settings