IRA deduction

Forum|Forum|1 year ago
January 26, 2025
3 replies
0 views

I imported my W-2 and in box 12 code D it shows my IRA contributions. Let's say $1,000. The IRA contribution reduces my wages by $1,000 so box 1 shows my taxable wages.

Do I also enter that same amount $1,000 of IRA contributions on schedule 1 line 20?

Best answer by MinhT1

Code D in box 12 of your form W-2 reports your 401(k) contribution, not your IRA contribution.

This amount is already excluded from taxation and you do not report it again on Schedule 1 line 20.

xmasbaby0

Employee

That was entered when you entered the information from the boxes on your W-2, so do not enter it again.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

MinhT1Answer

Code D in box 12 of your form W-2 reports your 401(k) contribution, not your IRA contribution.

This amount is already excluded from taxation and you do not report it again on Schedule 1 line 20.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

DoninGA

Employee

If you are making contributions to an employer provided tax deferred retirement account then you do not have an IRA. You have either a 401(k) or a 403(b). Contributions are reported in box 12 with a code D on your W-2.

You do not enter those contributions anywhere else on a tax return.