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Your 401(k) is a qualified retirement plan. However, your contributions are already reported on your form W-2 in box 12 code D.
You do not report them again in TurboTax.
You answer Yes to this question only if you contributed to another plan, such as a Traditional IRA or Roth IRA.
Your 401(k) is a qualified retirement plan. However, your contributions are already reported on your form W-2 in box 12 code D.
You do not report them again in TurboTax.
You answer Yes to this question only if you contributed to another plan, such as a Traditional IRA or Roth IRA.
What if it’s a pension plan? And it’s not box 12
and I also have a 401k with profit sharing that isn’t listed as well so can I use them ?
The following plans are considered qualified retirement plans:
If the contributions you made were made through your job(s), your W-2(s) should properly reflect the contributions. All you need to do is enter your W-2. If you are unsure, you can verify the amounts on your W-2 with your employer, but you should not answer yes to this question unless you have made contributions to a qualified plan (one listed above) outside of the contributions made through your employment. @Tgj092688
The following plans are considered qualified retirement plans:
If the contributions you made were made through your job(s), your W-2(s) should properly reflect the contributions. All you need to do is enter your W-2. If you are unsure, you can verify the amounts on your W-2 with your employer, but you should not answer yes to this question unless you have made contributions to a qualified plan (one listed above) outside of the contributions made through your employment. @Tgj092688
I have 401k and by mistake, I answer YES and when I try to edit the answer it doesn't let me, any ideas on how to solve this?
I assume that you are being asked about the Retirement Savings Contribution Credit. As noted above, this is automatically handled by TurboTax for contributions through your employer when you make the appropriate entries on your W-2.
I assume that you do not have any retirement contributions that were not made through your employer.
If so, try this:
*** Desktop***
1. go to View (at the top), choose Forms, and select the desired form. Note the Delete Form button at the bottom of the screen.
*** Online ***
1. go to Tax Tools (on the left), and navigate to Tools->Delete a form
2. delete form 8880.
3. continue with your return.
Form 8880 is the form on which this credit is calculated.
I completed my 2020 taxes and Turbo Tax told me I could reduce my taxes by contributing to an IRA. $14,000 for me and my wife if we wanted to. I entered $4,000 and the program entered it and reduced my tax.
BUT when I sent my check to Standard insurance for $4,000 (to the same address and account as I have in other years) Standard sent my $4,000 back, saying I could not contribute?
What do I do?
@smarte wrote:
I completed my 2020 taxes and Turbo Tax told me I could reduce my taxes by contributing to an IRA. $14,000 for me and my wife if we wanted to. I entered $4,000 and the program entered it and reduced my tax.
BUT when I sent my check to Standard insurance for $4,000 (to the same address and account as I have in other years) Standard sent my $4,000 back, saying I could not contribute?
What do I do?
If you filed and it was accepted then you will have to amend and remove that contribution and pay any tax credit you received.
You should never make a contribution at the last minute and never claim a deduction until the contribution has been posted by the IRA trustee.
To amend your 2020 tax return:
-- First, *wait* to see if your return has been accepted or rejected by the IRS or state. DO NOT do anything until you receive the accept or reject e-mail.
-- If rejected, you can correct and re-send your return.
-- If accepted you should *wait* until your return has been processed and you receive your refund or conformation that any tax due has been paid. (If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time). In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment – a sticky process that can take a year or more).
-- Then you can start the amend process.
Do not rush to amend - no hurry. You have 3 years to amend and amended returns are taking 4-6 months or longer to be processed so waiting a few weeks will make little difference and amending too soon might just compound the problem. (If you amend today you probably will not see the results until August or September).
It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it. That is the only proof of mailing that the IRS will accept.
-- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
See this TurboTax FAQ for help with amending:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
https://www.irs.gov/filing/wheres-my-amended-return
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