topic IRA Contributions: Do I count the total amount or exclude employer-made amounts? in Retirement tax questions

IRA Contributions: Do I count the total amount or exclude employer-made amounts?

parakeetguy2020 — Tue, 14 Apr 2020 02:29:35 GMT

Hello. I'm working through turbotax deluxe and am at the "Tell Us How Much You Contributed" question in the Deductions & Credits section. It's not clear if I enter the full amount as shown on my IRA end-of-year statement, or if I can only claim what I myself contributed (excluding what my employer put in). Would anyone be able to point me in the right direction please?

Re: IRA Contributions: Do I count the total amount or exclude employer-made amounts?

AmyC — Tue, 14 Apr 2020 02:49:35 GMT

The answer depends on the type.

If this is an employer sponsored IRA, you contribute at work, it is in box 12 of your W2, do nothing else.
If you went to a bank or broker and opened an IRA on your own, your employer would not be contributing. Then you would go through the IRA section of the program.

Re: IRA Contributions: Do I count the total amount or exclude employer-made amounts?

parakeetguy2020 — Tue, 14 Apr 2020 02:53:42 GMT

Hi Amy, thank you for replying! It's an employer-match IRA (eg. if I put in $50, they also put in $50). In that case, would I skip the IRA section of the program entirely?

Re: IRA Contributions: Do I count the total amount or exclude employer-made amounts?

KrisD15 — Tue, 14 Apr 2020 03:01:44 GMT

Yes, the information is in Box 12 of your W-2. Your employer coded it so the program knows how much you contributed.

Be sure you entered the W-2 completely.

Re: IRA Contributions: Do I count the total amount or exclude employer-made amounts?

parakeetguy2020 — Tue, 14 Apr 2020 03:33:40 GMT

Thank you for confirming, Kris. Much appreciated!