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Level 2

Question

IRA contributions

Forum|Forum|4 years ago
February 23, 2022
1 reply
2 views

If my W-2 has my deffered IRA amount will it automatically update in the deductions category on TurboTax? I contributed but in the deductions/ credits it does not have what I contributed and I would not like to double dip.

Level 15

What box is it on the W2? That is probably a 401K plan not a IRA. You only enter it from the W2. It comes out of your pay pretax and was already deducted from the wages in box 1. So you can't deduct it again.

Level 2

Box 12-D

I was thinking what you are saying is correct but also wanted to make sure I'm doing it correct and getting credit.

Level 15

Yep, 12D is a 401K plan not an IRA. You have to know what you have. Especially in the future when you take it out or roll it over to another plan.