ROTH IRAs are not tax deductible. They show up as Box 12AA on W2s. Do we also have to add back contribution to Roth IRA into Box 1 of W2 (Wages,Tips,Compensation)?
ROTH IRAs are not tax deductible. They show up as Box 12AA on W2s. Do we also have to add back contribution to Roth IRA into Box 1 of W2 (Wages,Tips,Compensation)?
ROTH IRAs are not tax deductible. They show up as Box 12AA on W2s. Do we also have to add back contribution to Roth IRA into Box 1 of W2 (Wages,Tips,Compensation)?
@ruchir-vaishnav That's a great question. Because Roth plans are deducted after tax, the employee does not pay the taxes on the amount drawn at retirement. If you are signed up for Intuit payroll and have employees setup to contribute to a Roth 401(k) plan, we take care of properly reporting wages and contributions on W-2's. Here's a list of supported pay types and deductions : Supported pay types and deductions explained
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