Question

IRA/401K at work question

Forum|Forum|3 years ago
February 21, 2023
1 reply
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When going through the TT desktop questions regarding Trad IRA deductions I was asked if I have a 401K at work. The answer is no and the end result is that I would have an IRA deduction. That was the last data entry in my saved file. I closed the file and reopened the file. The deduction was removed because it saya I have a 401K provided by my employer.
I am looking for where that question was in the tree so I can recheck the answer.

M

mglauner

Check your W-2. If the 'Retirement Plan' box is checked, that indicates you have a plan a work.

If Box 12 has a Code D and an amount, that is what you contributed to your plan at work, and TurboTax picks that up too.

If this applies, you can still make an IRA Contribution if you didn't exceed the max contribution at work (up to 6K total, plus an additional 1K if over 50).

Here's detailed info on Retirement Savings.