Question

401(k) tax deductable contrbutions

Forum|Forum|5 years ago
April 26, 2021
2 replies
0 views

I cannot get my 401(k) contributions to reduce my tax on my turbo tax return prep.

Other

Employee

Your 401(k) contributions are already deducted by your employer and reported in box 12 on your W-2. You do not enter anywhere else.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

DawnC

Employee

Are you trying to claim the Saver's credit? Your 401K contributions should be reported on your W-2 in Box 12 with a Code D. All you have to do is to enter your W-2. TurboTax will automatically create Form 8880 if you qualify for the credit. To review this section in TurboTax, search for saver's credit and use the Jump to saver's credit link in the results. You have to include the apostrophe when you search or otherwise you won't see the Jump to link.

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