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February 2, 2025
Question

The income you're taxed on was reduced by \"this amount\" only has my 401k contributions. It doesn't state my wife's 403b contributions. Reduced by # should be double.

  • February 2, 2025
  • 3 replies
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    3 replies

    February 2, 2025

    Your wife's contributions to her 403(b) plan should be reported on her form W-2 in box 12 with code E.

     

    Please revisit her form W-2 and edit it if necessary.

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    JCook2070Author
    February 2, 2025

    Her 403b info was entered correctly. It should state “reduced by $50,000 with her amount under mine. Where’s her contribution amount?

     

    IsabellaG
    Employee
    February 5, 2025

    Both 401(k) contributions and 403(b) contributions are not included in your taxable wages, box 1 of your W-2. You don't get a separate tax deduction for those contributions, the income is deferred. You should be able to see that you are only being taxed on the amounts in box 1 of your W-2. 

     

    However, if your wife's contributed to a Roth 403 (b) plan, the income is not deferred and is part of box 1 of her W-2.  You will see it in box 12 with code BB.

    Can you tell me what screen this is that you are showing? Where do you see it in the TurboTax program?

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    Employee
    February 5, 2025

    Remember that 401k and 403b contributions are only recorded on the W-2 and are detected automatically.  If you entered your 401k in the "IRA" section, you need to go back and remove that.