topic Re: declaring 401k contributions in Retirement tax questions

declaring 401k contributions

cbh9556 — Mon, 15 Mar 2021 23:17:09 GMT

Should I be listing my 401k contributions (which my employer automatically takes out of my paycheck) on the "Retirement and Investments" section of "Deductions & Credits"?

Re: declaring 401k contributions

MaryK4 — Mon, 15 Mar 2021 23:28:37 GMT

No, you do not add the 401k contributions in the Deductions & Credits section- the information is on your W2 so TurboTax will have the information. The 401k can be used for the Saver's Credit if you qualify- this information would be added in Deductions & Credits, but TurboTax will prompt you. See What Is the Savers Credit? - TurboTax Tax Tips & Videos.

Re: declaring 401k contributions

dmertz — Tue, 16 Mar 2021 00:07:15 GMT

And just to make it clear, a 401(k) is not an IRA.