topic What does D17 in box 12 of W2 mean? Are 401K and IRA the same? in Retirement tax questions

What does D17 in box 12 of W2 mean? Are 401K and IRA the same?

xdeng123173 — Tue, 04 Jun 2019 19:45:08 GMT

Code D with a year suffix is used to indicate the year fo...

dmertz — Tue, 04 Jun 2019 19:45:09 GMT

Code D with a year suffix is used to indicate the year for which a make-up contribution for a prior year is made under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). The "17" in code D17 refers to a contribution made for 2017 and is a redundant indication since code D by itself on a 2017 W-2 already means a contribution for 2017. Ignore the "17" and select code D from TurboTax's drop-down box.

The "D" code in box 12 relates to 401(k) contribution mad...

DS30 — Tue, 04 Jun 2019 19:45:11 GMT

The "D" code in box 12 relates to 401(k) contribution made by your employer to your retirement plan. (There should only be a code letter in box 12, the number may refer to the amount of your 401(k) contributions during the year.)

Both a 401(k) and a Traditional IRA are tax deferred types of retirement plans. However, you usually make 401(k) through your employer since these plans are generally set up by business. Whereas an IRA is a retirement plan that you can fund yourself and you can claim a deduction for contributions to an IRA up to $5,500 (or $6,500 for people over 50)

You will not be able to claim your 401(k) contributions listed on your W-2 as an IRA deduction.

For more information on retirement plans, please click on this link - https://www.irs.gov/retirement-plans