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birdman0202
New Member

Contribution to Teacher Retirement System in Texas

I made a contribution to the Teacher Retirement System of Texas and the total is listed on my W-2 form in box 14 as TRS. the amount is $4445.00.  Am I allowed to deduct that amount and where do I deduct it?
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Accepted Solutions
AnnaB
New Member

Contribution to Teacher Retirement System in Texas

No, this amount has already received a tax benefit as it is not included in your Box 1 wages.  However, it will be taxable this year on your state return.  When you withdraw the funds, they will be taxable on your Federal return, but not on your state return.

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4 Replies
jfullertx
New Member

Contribution to Teacher Retirement System in Texas

My contributions to TRS do NOT appear in box 14 of my W-2.  Will I receive credit for these payments into TRS?
AnnaB
New Member

Contribution to Teacher Retirement System in Texas

@jfullertx I would not expect this to be a huge problem - your contributions still have credit.  However, these items can be taxable on your state return (depending on your state and the plan) and you may be eligible for a retirement savings credit.  I would recommend getting a corrected W-2 that reports the information to you.

However, again, your contribution account should not be impacted.
AnnaB
New Member

Contribution to Teacher Retirement System in Texas

No, this amount has already received a tax benefit as it is not included in your Box 1 wages.  However, it will be taxable this year on your state return.  When you withdraw the funds, they will be taxable on your Federal return, but not on your state return.

AnnaB
New Member

Contribution to Teacher Retirement System in Texas

I just realized that you are in Texas - there is no income tax there; therefore, your contributions would not be taxable on your state return.
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