How is the retirement plan contributions accounted for on your taxes? When I did my taxes this year there is nothing in the. 1040 on line 5a for Pensions listed. Should the amount of contributions I made to retirement be on this line?
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No. Line 5a is for the gross distribution. If it is the same as the taxable amount on line 5b then the IRS says not to show or print it on 5a.
So how are my contributions figured into my taxes?
Were your contributions pre-tax or post tax? Is box 2a the same as box 1? They probably came out pre-tax so you don't need to break them out. They are all taxable. Any post tax contributions you made will be prorated in box 5.
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