Question

I have 401k thru my employer and only make contributions as part of my paycheck. This amount is covered in box 12 of W2. Do include this info in the tax break section?

Forum|Forum|4 years ago
March 29, 2022
1 reply
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Confused in the deductions and credits section. Its asking me to put in a bunch of info about did we contribute to ira/roth ira. I did, but only as part of my 401k and employer plan. is it asking about that or if i made contributes in addition to what i did as part of my employer plan, which then I didnt, and do not need to input any info?

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The traditional and Roth IRAs in the deductions and credits section are for accounts that you established and paid into separately from your employer's 401k plan. If you only contributed through work, you do not have to enter anything here. However, there is a Saver's Credit that you may qualify for- see What Is the Savers Credit? - TurboTax Tax Tips & Videos.