Where can i find the roth ira contribution on my w2? (2024)

FAQs

Where can i find the roth ira contribution on my w2? ›

Information about contributions to your Roth IRA can be found on the year-end summary statement from the bank, broker, or mutual fund that holds your account. If you had a Roth retirement plan at work, contributions to it will be indicated on your W-2 in Box 12 with code: AA: Roth 401(k) plan. BB: Roth 403(b) plan.

Designated Roth contributions under a section 401(k) plan. If your employee contributes to a Roth 401(k) plan, report the amount in Box 12, and check the retirement plan box in Box 13.

Form 5498 summarizes your IRA contributions, rollovers, holdings, and fair market value. If you make a prior year contribution between January and the tax filing deadline, you will receive a revised 5498 in May.

IRA basis is required to be tracked on IRS Form 8606, Nondeductible IRAs, which is filed with a client's tax return. Form 8606 keeps a historical cumulative record of IRA basis, but the form is only as good as the input.

Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax.

Many employers are required to report the cost of an employee's health care benefits in Box 12 of Form W-2 Wage and Tax Statement, using code "DD" to identify the amount. This amount is reported for informational purposes only and is NOT taxable.

You should have records showing your contributions or you should be able to see the contributions in the account you have for the IRA's.

However, if you've lost track of an old IRA, it may be challenging to find it. You can find your IRA using your social security number, either by searching for the entity you opened the account with, navigating your state's treasury database, or hiring a company like Beagle to do the work for you.

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA.

There are a few different ways to find your total contributions. First, the most efficient way will be to check your 5498 Tax Forms, which shows all types of contributions to an IRA, under the "Accounts & Trade" tab and select "Tax Forms & Information" in the dropdown.

Are Roth IRA contributions taxable? ›

Roth IRAs allow you to pay taxes on money going into your account and then all future withdrawals are tax-free. Roth IRA contributions aren't taxed because the contributions you make to them are usually made with after-tax money, and you can't deduct them.

If you're unsure which type of IRA you have, you'll want to check the paperwork you received when you first opened the account. It will explicitly state what type of account it is.

Information about contributions to your Roth IRA can be found on the year-end summary statement from the bank, broker, or mutual fund that holds your account. If you had a Roth retirement plan at work, contributions to it will be indicated on your W-2 in Box 12 with code: AA: Roth 401(k) plan.

Contributions. The Internal Revenue Code limits the amount that an employee may elect to defer in a 401(k) plan. Your elective contributions may also be limited based on the terms of your 401(k) plan and are reported as an information item in box 12 of your Form W-2.

Box 12 is a general catch-all for recording various types of income. Box 12 consists of four sections, 12a-12d. These are just references to organize the space and don't have any significant meaning. W2 Box 12 uses codes A through HH to identify a variety of employee benefits that must be reported to the IRS.

When you're entering your box 12 info, don't enter the lowercase letters next to 12 (12a, 12b, 12c, 12d, sometimes 12a-d)—they're just line labels. Only enter the capital letter codes. For example, if you see "D" on line 12a, enter "D" in TurboTax, not "a". And if line 12a is blank, don't enter anything.

Box 12 code D is for Contributions to your 401(k) plan (including a simple 401(k) plan). Code D 22 is for year 2022. You can combine them together or ignore D22.