topic Re: IRA deduction in Get your taxes done using TurboTax

IRA deduction

Randy251 — Sun, 26 Jan 2025 22:05:29 GMT

I imported my W-2 and in box 12 code D it shows my IRA contributions. Let's say $1,000. The IRA contribution reduces my wages by $1,000 so box 1 shows my taxable wages.

Do I also enter that same amount $1,000 of IRA contributions on schedule 1 line 20?

Re: IRA deduction

xmasbaby0 — Sun, 26 Jan 2025 22:08:49 GMT

That was entered when you entered the information from the boxes on your W-2, so do not enter it again.

Re: IRA deduction

MinhT1 — Sun, 26 Jan 2025 22:09:04 GMT

Code D in box 12 of your form W-2 reports your 401(k) contribution, not your IRA contribution.

This amount is already excluded from taxation and you do not report it again on Schedule 1 line 20.

Re: IRA deduction

DoninGA — Sun, 26 Jan 2025 22:09:17 GMT

If you are making contributions to an employer provided tax deferred retirement account then you do not have an IRA. You have either a 401(k) or a 403(b). Contributions are reported in box 12 with a code D on your W-2.

You do not enter those contributions anywhere else on a tax return.