[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-3071":3},{"rec_id":4,"title":5,"text":6},"3071","401(k) Plans","Your traditional 401(k) contributions reduce your wages in \u003Ci>Box 1\u003C/i> of your \u003Cspan style=\"white-space: nowrap;\">\u003Ci>W-2\u003C/i>\u003C/span>. Since your income is already reduced by your 401(k) contributions, you do not get a separate deduction on your tax return for 401(k) contributions. However, lower-income taxpayers may be eligible for the \u003Ci>Retirement Savings Contribution Credit\u003C/i> for 401(k) contributions made. Our software will automatically calculate if you receive the \u003Ci>Retirement Savings Contribution Credit\u003C/i> based on the 401(k) contributions you enter in \u003Ci>Box 12\u003C/i> of your \u003Cspan style=\"white-space: nowrap;\">\u003Ci>W-2\u003C/i>\u003C/span> and the income you enter on your tax return.\u003Cbr>\u003Cbr>\nDo NOT report interest income, dividend income, capital gains, or any type of income from your 401(k) account. All investment income within a 401(k) retirement account is not taxable income on your tax return and does not get reported anywhere on your tax return. A 401(k) account is only taxed when you take a distribution from your 401(k) account and get a \u003Ci>Form 1099-R\u003C/i>.",1777391509313]