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Are contributions my wife makes to her pension plan generally deductible? |
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. 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. TFTP Report It 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. 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. No they are not deductible but she might qualify for a retirement savings credit. |
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