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Garry_NewEngland

Level 2

Question

Massachusetts 401K deductions

Forum|Forum|4 years ago
February 10, 2022
1 reply
0 views

Tax regulations in Massachusetts allow 401K contributions to be deducted from

Massachusetts taxable income. How does this work, when the state form is

generated along with the Federal? Thank you.

TurboTax Self Employed Online

Level 15

Yes, Massachusetts does allow the 401-K deduction.

The W-2 is the standard form for recording 401-K contributions.

This will be recorded in Box 12 with Code D.
You will note that Box 1 will be less than Box 5
- Box 1 is earned wages less deductions (Like 401-K contributions)
- Bos 5 is Medicare wages which is the total wages
You will find that Box 16 State wages will match Box 1, which does not include the 401-K deduction.

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Garry_NewEnglandAuthor

Level 2

THank you for your reply.

I am referring to solo-401-K contributions, which are taken from business profits. In this case,

there is not a W2, so it's handled in a different way.

Garry_NewEnglandAuthor

Level 2

Were you able to look into that? When I file for MAssachusetts taxes,

the solo401-K contributions have to carry over to the form

for Massachusetts, as a deduction.