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February 16, 2025
Question

Is a 401K contribution the same as a Traditional IRA contribution?

  • February 16, 2025
  • 2 replies
  • 0 views
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    2 replies

    February 16, 2025

    No, a 401k is made through your employer by payroll deduction.  A traditional IRA is one that allows you to deduct contributions and defer tax o the income.  

    Employee
    February 16, 2025

    Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.