Question

I am in the military and each pay period, a percentage goes to my IRA. Since it is already reflected on my W-2, do I still enter it in the IRA contributions as well?

Forum|Forum|5 years ago
April 14, 2021
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TurboTax Premier Online

SteamTrain

Employee

@anne-cloud

No, the $$in box 12, with code "D" are entered ONLY in the W-2 form in the software, and nowhere else

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And please be careful to NOT call it an IRA. An IRA is an entirely separate program where you contribute outside of your W-2 and has much lower contribution limits. Your Military paycheck/payroll contributions are going into a TSP (Thrift Savings Plan) , equivalent to a 401k, which is also not an IRA.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*