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cassilee4
June 1, 2019
Question

Federal Taxes-Deductions & Credits-Traditional & IRA Contributions - does this include what you pay out of your paycheck every pay period?

  • June 1, 2019
  • 1 reply
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1 reply

DawnC0
DawnC0
Employee
June 1, 2019

No.  The deductions for contributions made through your paycheck (401K type plans) are included when you enter your W-2 information (box 12).   The deduction you referenced is a deduction for money/contributions that you put into a traditional Individual Retirement Account (IRA).

An individual retirement account (IRA) is a personal savings plan that offers you tax incentives to set aside money for your retirement.  

You can open an IRA by making a deposit with an IRS-approved custodian (such as a bank, mutual fund, or stockbroker).

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