You don't put your state retirement contributions anywhere on your tax return because that amount is already reflected on your W-2 form. All you have to do is enter W-2 form into TurboTax exactly as it appears; no additional entries are needed.
If you are self-employed, however, the individual 401K plans are entered in Business Deductions and Credits section.
You don't put your state retirement contributions anywhere on your tax return because that amount is already reflected on your W-2 form. All you have to do is enter W-2 form into TurboTax exactly as it appears; no additional entries are needed.
If you are self-employed, however, the individual 401K plans are entered in Business Deductions and Credits section.
I am a teacher and I never add the amounts they put in my retirement fund bc it is already counted in the W2. However, in 2023, I paid over 60k into that retirement account bc I wanted to buy some time back.
(I had taken out the money about 30 years ago, and since I’m trying to retire now, I had to buy it back at this ridiculous amount.
anyway, can I enter that?
I got the money by taking a home equity loan and am also paying stupid interest on that loan. 🤦🏼♀️
thanks,
Kat
You don't enter that anywhere and it is not deductible. The plan will keep track of it and when you take a pension or distribution it will be prorated and part of it will come out tax free. That's what I did. I bought back more time.