Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 12, 2023 7:44:26 AM

When it asks for my IRA contribution, does that include the money I have going into my 401k from my check?

I have 15% going into my 401k and 10% into my Roth IRA. But I’m unsure what turbo tax is asking with these questions. 
When it asks for my IRA contribution, does that include the money I have going into my 401k from my check? When it asks how much I’ve contributed to my 401k, where would I find that number? When it asks how much I’ve contributed to my Roth IRA, where would I find that? Where do I find how much my company has matched going into my 401k or Roth IRA?

0 2 2232
2 Replies
Level 15
Apr 12, 2023 7:49:51 AM

No, you do not enter your contributions to an employer provided tax deferred retirement plan in the section for IRA contributions.  Those contributions are already entered on your W-2 in box 12 and are not entered anywhere else on your tax return.

 

Level 15
Apr 12, 2023 8:26:56 AM

Employer plans (401k, 403b, 401a, 457, and others) are not IRAs and are only reported on your W-2.   

 

Are you contributing to a pre-tax 401(k) and a private Roth IRA outside your employment, or are you contributing pre-tax funds to a traditional 401(k) account and after-tax funds to a "designated Roth account" within the same 401(k) plan?  If a private Roth IRA, you can report that separately, but if you have a designated Roth option account within the 401k plan, that is already reported on your W-2 and you don't enter it again.