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J
jmsudsina
July 14, 2020
Question

If I'm automatically enrolled in a company 401k plan, do I need to be listing those payments as Traditional IRA contributions?

  • July 14, 2020
  • 1 reply
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1 reply

SteamTrain
SteamTrain
Employee
July 14, 2020

No !    That area is only for $$ you might contribute to IRAs separately yourself...outside of any company program.  Your 401k contributions are noted in box 12 of your W-2 form...and don't need to be entered anywhere else in the software.

 

Note also that that IRA contribution area is  specifically for  IRA or ROTH IRA. 

.......A 401k is NOT an IRA.  Not a 457, not a 403b, not a 414h.......but it's true that many others get confused by this every year.

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