Skip to main content
June 1, 2019
Solved

Why can't I deduct my retirement savings contributions?

  • June 1, 2019
  • 1 reply
  • 0 views
I contributed $1200.00 to my 401(k) in 2016.
Best answer by bwa

If this is a 401k at work, the answer is because it has already been excluded from your income.  That's one reason why the amounts on your W-2 in Blocks 1 and 3 are the same.  Having been excluded from taxable wages in Box 1, you can't deduct it again.

1 reply

bwaAnswer
Employee
June 1, 2019

If this is a 401k at work, the answer is because it has already been excluded from your income.  That's one reason why the amounts on your W-2 in Blocks 1 and 3 are the same.  Having been excluded from taxable wages in Box 1, you can't deduct it again.