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ben5
New Member

Do my mandatory 403(b) contributions qualify for the retirement savings credit?

I contribute to a 403(b) retirement plan as a requirement of my employment. These contributions are entered into box 14 of my W-2 instead of box 12 because they are mandatory. Do they qualify for any deductions or credits?  I meet all other qualifications for the retirement savings credit, but TurboTax doesn't pick up on the contributions because they are in box 14 instead of box 12. 

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4 Replies
ChristinaS
Expert Alumni

Do my mandatory 403(b) contributions qualify for the retirement savings credit?

403(b) contributions are required to be reported in Box 12 of Form W2, with Code E. Other pension plans may go in Box 14, but this shouldn't include elective 403(b).

The Saver's Credit is only for  elective deferrals to a 401(k), 403(b), governmental 457(b), SEP, or SIMPLE plan.

ChristinaS
Expert Alumni

Do my mandatory 403(b) contributions qualify for the retirement savings credit?

Turbo Tax doesn't even have a dropdown for Box 14 403(b), as its not a box 14 option. So it can have no clue that its a 403(b) contribution if its not in Box 12
ben5
New Member

Do my mandatory 403(b) contributions qualify for the retirement savings credit?

I spoke with my HR department and they said that box 14 is the correct box because it is a mandatory contribution, not elective.
ChristinaS
Expert Alumni

Do my mandatory 403(b) contributions qualify for the retirement savings credit?

Ok, I see. The Saver's Credit is only for elective deferrals. Please read Who Can Take This Credit below, page 2.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f8880.pdf">https://www.irs.gov/pub/irs-pdf/f8880.pdf</a>
Box 14 is informational only. Very few things there "go anywhere".
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