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Level 3
March 31, 2023
Question

List IRA/401K contributions?

Hi,

Is there any benefit to listing my traditional and roth 401K/ IRA  contributions if I am just taking the standardized deduction?  I'd rather not input that information if there's no benefit.  I live in Arizona.

Thanks

    2 replies

    Level 15
    March 31, 2023

    The contribution to an traditional IRA appears on line 20 of Schedule 1 (1040), which is not affected by the Standard Deduction from Schedule A. A contribution to a traditional 401(k) plan is typically through your employer and appears on your W-2.

     

    As for whether or not you need to enter contributions to Roth accounts, please see this TurboTax FAQ.

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    VolvoGirl
    Level 15
    March 31, 2023

    Yes you should enter it.  You might be able to get a deduction for a Traditional IRA contribution even if you take the Standard Deduction.  And you might qualify to get the retirement savings credit.

     

    What is the Savers Credit article

    https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/what-is-the-savers-credit/L3LyopRkK