Does a joint employee/employer retirement account have to be considered in taxes?

Forum|Forum|7 years ago
June 5, 2019
1 reply
5 views

My husband's employer has an retirement account described this way by them: TCDRS (Texas County Distribution Retirement System) is a savings-based plan. Members are saving for their own retirement over the length of their careers. Does a joint employee/employer retirement account have to be considered in taxes?

TurboTax Deluxe Online

MinhT1

Level 15

The Texas County and District Retirement System (TCDRS) is a retirement plan which allows employees to save and defer part of their earnings in a retirement account which is matched by employers. Employee contributions are excluded from taxation on your form W-2 (Wages reported in Box 1 of form W-2 exclude employee contributions).

You do not need to enter any other information on your tax return unless you have made a withdrawal from the retirement plan in which case you would receive a form 1099-R.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"