LindaS5247
Expert Alumni

Retirement tax questions

Your TMRS contributions are not included in your taxable income.

 

This should be reported to you on your W-2 then if you are not receiving distributions from the retirement fund yet.

 

You would enter your Form W-2 into TurboTax exactly as it is shown. 

 

When you retire, your TMRS retirement distributions will be reported to you on a Form 1099-R.  These retirement distributions will be subject to federal tax at that time.

 

If you left employment and refunded your account balance, it would be included in your taxable income. Federal income tax law requires TMRS to withhold 20% unless it is rolled over to an eligible retirement plan.

 

This TMRS Member Benefits Guide explains it well, click here.

 

Click here for additional information about TMRS.

 

Click here for TMRS Facts.

 

Please feel free to come back to TurboTax Community with additional information or questions or click here for help in contacting Turbo Tax Support. 

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