Where do I put the amount I paid into a state retirement plan? or is this something I don't list?

Forum|Forum|6 years ago
June 6, 2019
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TurboTax Self Employed Online

Best answer by MargaretL

You don't put your state retirement contributions anywhere on your tax return because that amount is already reflected on your W-2 form. All you have to do is enter W-2 form into TurboTax exactly as it appears; no additional entries are needed.

If you are self-employed, however, the individual 401K plans are entered in Business Deductions and Credits section.

MargaretLAnswer

Employee

If you are self-employed, however, the individual 401K plans are entered in Business Deductions and Credits section.

kat92365

Employee

I am a teacher and I never add the amounts they put in my retirement fund bc it is already counted in the W2. However, in 2023, I paid over 60k into that retirement account bc I wanted to buy some time back.
(I had taken out the money about 30 years ago, and since I’m trying to retire now, I had to buy it back at this ridiculous amount.
anyway, can I enter that?

I got the money by taking a home equity loan and am also paying stupid interest on that loan. 🤦🏼‍♀️

thanks,

Kat

VolvoGirl

Employee

You don't enter that anywhere and it is not deductible. The plan will keep track of it and when you take a pension or distribution it will be prorated and part of it will come out tax free. That's what I did. I bought back more time.