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maryheffley
New Member

Why can't I deduct my retirement savings contributions?

I contributed $1200.00 to my 401(k) in 2016.
1 Best answer

Accepted Solutions
bwa
Alumni
Alumni

Why can't I deduct my retirement savings contributions?

If this is a 401k at work, the answer is because it has already been excluded from your income.  That's one reason why the amounts on your W-2 in Blocks 1 and 3 are the same.  Having been excluded from taxable wages in Box 1, you can't deduct it again.

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1 Reply
bwa
Alumni
Alumni

Why can't I deduct my retirement savings contributions?

If this is a 401k at work, the answer is because it has already been excluded from your income.  That's one reason why the amounts on your W-2 in Blocks 1 and 3 are the same.  Having been excluded from taxable wages in Box 1, you can't deduct it again.

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