Question

Profit sharing deduction

Forum|Forum|6 years ago
March 24, 2020
1 reply
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Where do I deduct my profit sharing contribution on turbo tax. I did not see a prompt for this, only for IRA’s

It is normally reflected on your W-2 form as a reduction in your wages reported on line 1. Since your income is reduced by the amount your employer contributed to your retirement plan, you get a tax benefit from the reduction in your taxable income. You don't need to make any additional entry outside of entering your W-2 form in TurboTax.

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