Why can't I deduct my retirement savings contributions?

maryheffley · ‎May 31, 2019

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

bwa · ‎May 31, 2019

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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bwa · ‎May 31, 2019

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.