She is a teacher and is enrolled in a plan that takes out a mandatory amount each month. I don’t know if it is an IRA, Roth or some other type. The W-2 form she receives had the “pension” box checked, and the pension is an approved IRS fund. I just don’t know if contibutions are deductible or not.
Terry
{ 4 comments… read them below or add one }
Lonnie
Most of the time, they’d have been taken out pre-tax in the first place, so they’re already “deducted” and you don’t get to deduct them again.
Mario
You don’t need to report these contributions on your tax return. They are already pre-tax and your wife has already received a tax benefit by not paying taxes on this part of her wages. She is probably enrolled in a 403(b) plan, not an IRA.
Tanya
If she made contributions to a qualified pension plan at work, the amount of the contributions is not included in Box 1 of her Form W2 if the contributions are tax-free.
In general, only contributions to a Roth IRA are not deductible. Unless she teaches at a private school, it would be unusual for her to have a Roth plan at work.
She should contact her benefits department for information on the tax treatment of her retirement fund contributions.
Jeffery
No they are not deductible but she might qualify for a retirement savings credit.
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