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How do I enter TMRS withholdings that my husband pays into in lieu of paying into social security & social security taxes?

Texas Municipal Retirement System
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3 Replies
LindaS5247
Employee Tax Expert

How do I enter TMRS withholdings that my husband pays into in lieu of paying into social security & social security taxes?

Please clarify your question by providing more information.  Did your husband receive a Form 1099-R?

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How do I enter TMRS withholdings that my husband pays into in lieu of paying into social security & social security taxes?

No maam. We didn't take money out. This is money that's withheld from each of his paychecks that will eventually be his retirement when he retires. It's a state retirement fund. Texas Municipal Retirement System. So through this, city employees don't pay into social security or pay social security tax.

LindaS5247
Employee Tax Expert

How do I enter TMRS withholdings that my husband pays into in lieu of paying into social security & social security taxes?

Your TMRS contributions are not included in your taxable income.

 

This should be reported to you on your W-2 then if you are not receiving distributions from the retirement fund yet.

 

You would enter your Form W-2 into TurboTax exactly as it is shown. 

 

When you retire, your TMRS retirement distributions will be reported to you on a Form 1099-R.  These retirement distributions will be subject to federal tax at that time.

 

If you left employment and refunded your account balance, it would be included in your taxable income. Federal income tax law requires TMRS to withhold 20% unless it is rolled over to an eligible retirement plan.

 

This TMRS Member Benefits Guide explains it well, click here.

 

Click here for additional information about TMRS.

 

Click here for TMRS Facts.

 

Please feel free to come back to TurboTax Community with additional information or questions or click here for help in contacting Turbo Tax Support. 

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