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