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New Member
posted May 31, 2019 9:19:37 PM

Can I deduct money i contributed to a 503b

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1 Best answer
Expert Alumni
May 31, 2019 9:19:39 PM

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.

1 Replies
Expert Alumni
May 31, 2019 9:19:39 PM

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.