Can I deduct money i contributed to a 503b

[MargaretL · Accepted solution]

No - you cannot, as they are being reported via Form W-2, as a deduction from your income. All you have to do is report W-2 data in Turbo Tax exactly as it appears on the form.

Since you do not report the amount of the deposit as taxable income on your income tax, it effectively works like a tax deduction. If your employer makes matching or other additional deposits to your account, those are also tax-deferred and there's no need for any additional reporting.