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vsoutiere
New Member

Can I deduct retirement contributions if my employer didn't deduct social security?

I work for a city government and in lieu of social security, they deducted money for a retirement fund. How do I claim this deduction?
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3 Replies

Can I deduct retirement contributions if my employer didn't deduct social security?

If you were paying into  a retirement plan that is on your W-2 then the information is being entered when you enter the information from the boxes on your W-2---most likely from box 12.  You do not enter it anywhere else.  

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
vsoutiere
New Member

Can I deduct retirement contributions if my employer didn't deduct social security?

That's what I thought, but oddly enough, this is in box 14 with the description "RETIRE" with no other information. This is what is confusing me, because I figured I would enter it in box 12.

Can I deduct retirement contributions if my employer didn't deduct social security?

No, enter your information as-is.  The only items that should be entered in box 12 in Turbotax are items that are written in box 12 in your W-2.   the letter codes next to the items are very specific and you can wreck your tax return by entering items that don't belong. 

 

 

You don't get a separate tax deduction for money that was deducted for a pension plan. The contributions were probably taken from your check pre-tax, but even if not, they aren't deductible on your tax return.

 

You may be eligible to make tax-deductible contributions to an IRA, depending on your income and other tax situations.  But an IRA is a private account you set up with a bank or investment company, it is not the same as a workplace retirement plan or pension, even though they have a similar purpose.

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