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April 15, 2025
Question

Turbo asks me to "enter the total amount you put into a traditional IRA for 2024", does this also include the portion my employer directly paid for my retirement plan?

  • April 15, 2025
  • 1 reply
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In the Deductions & Credits section, Turbo asks me to "enter the total amount you put into a traditional IRA for 2024", does this mean the amount I put into IRA (e.g. 4% of income), Or, does it also include the portion my employer directly paid for my retirement plan?

1 reply

April 16, 2025

No, you do not add contribution to a work retirement plan under Traditional IRA contributions in the IRA contribution interview under Deductions & Credits. Your contributions to the work retirement plan are already listed on your W-2.

 

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April 18, 2025

Thank you for the clarification, DanaB27! I confused the work retirement plan with the IRA mentioned in Turbotax. I am clear now after your help!