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Level 1

Does anyone know if SERS (school employees retirement system of ohio) a qualifying retirement plan for the contribution credit??? thank you!

 
3 Replies
Level 19

Does anyone know if SERS (school employees retirement system of ohio) a qualifying retirement plan for the contribution credit??? thank you!

Not sure..but...Looking at the SERS handbook, it appears that the Member contribution is compulsory.  As such, it may be a 414h plan that is not eligible for the Retirement savings contribution credit.   Essentially, if your contribution is showing up in box 14 of your W-2 form, then it is not eligible.  

 

(But I could be wrong.

....ask your SERS  representative tomorrow. There are telephone numbers in their handbook:

https://www.ohsers.org/wp-content/uploads/2018/04/Member-Handbook.pdf  )

 

_____________________

@Hal_Al     You're and Ohio guy...do you know?

Level 20

Does anyone know if SERS (school employees retirement system of ohio) a qualifying retirement plan for the contribution credit??? thank you!

 I assume you're asking if you can deduct your contributions to SERS.  I'm not specifically familiar with SERS.  But the general rule  is that pension contributions are "pre tax".  That is, the amount you contributed has already been deducted form box 1 of  your W-2, so you don't get to deduct it again.

 

If you're asking about the Retirement savers Contribution Credit, see SteanTrain's reply

Level 19

Does anyone know if SERS (school employees retirement system of ohio) a qualifying retirement plan for the contribution credit??? thank you!

Guess this user needs to go check with the Ohio SERS Retirement Fund people.

 

Federal does have a "Retirement Savings Contribution Credit" (RSCC) , that does have a credit for lower income people who voluntarily contribute to an IRA, or 401k or a few other retirement fund types even if they are pre-tax contributions.  But I do know that "required" contributions to some state-run accounts do not qualify for this since the employee contributions are mandatory....and the IRS specifically disallows those for eligibility to the RSCC .   The tax software will automatically include any contributions for the RSCC ..IF ...IF  they are noted in box 12 of a taxpayer's W-2 form with the appropriate code letter(s), and the user doesn't have to do anything else....other than visit the RSCC line on the Deductions&Credits page...but you don't double-enter $$ that were automatically transferred from box 12 of the W-2.

 

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...