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March 11, 2025
Question

can i not claim my $106.00 deduction for my 401 plan

  • March 11, 2025
  • 2 replies
  • 0 views
can i not claim my $106.00 deduction to my 401k

2 replies

March 11, 2025

Contributions you make to a 401-K plan are deducted in the form of a subtraction from your wage income, as reported in box 1 of your W-2 form. So, you pay tax on your net wage income after the contributions are subtracted, which is reported when you enter your W-2 form. There is no additional entry you need to make in TurboTax.

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VolvoGirl
Employee
March 11, 2025

You already got the deduction.  It should be on your W2 in box 12.  401K come out of your checks pretax and have already been deducted from the wages in box 1 and you can't deduct it again.  See box 1 should be less than boxes 3&5.  Unless it was to a ROTH 401K.  A ROTH is not deductible.