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January 29, 2025
Question

When it asks if i contributed to a traditional IRA , does that mean when its deducted from my paycheck?

  • January 29, 2025
  • 2 replies
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    2 replies

    Employee
    January 29, 2025

    Usually when they are deducting from your paycheck it is for a 401k or 403b---not an IRA.   You only enter it by entering the information from the boxes on your W-2.  Do not go anywhere else in the software to enter it again.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    January 29, 2025

    No, if it is deducted from your paycheck, the pension contribution will show on your W-2 form as a deduction from your wages reported in box 1. It will likely be referenced in box 14 on your W-2 form as well. You will typically notice that your wages reported in box 1 on your W-2 form is less than the social security wages reported in box 3 and the Medicare wages reported in box 5. An IRA contribution would be something you did on your own, outside of what you did through your employer.

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