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

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?
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1 Reply
MinhT
Expert Alumni

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

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.

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