Is a TMRS plan a qualified plan for Retirement Savings Contribution Credit?

carmen_daniel29- · ‎February 9, 2023

DavidD66 · ‎February 9, 2023

TMRS is a qualified plan under Section 401(a) of the Internal Revenue Code. TMRS is a statewide retirement system that provides retirement, disability, and survivor benefits for employees of participating Texas cities. So yes, if you made contributions to TMRS it qualifies for the Credit for Qualified Retirement Savings Contributions.

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SteamTrain · ‎February 10, 2023

@carmen_daniel29- @DavidD66

I'd be a little careful here..

Which box of your form W-2 are your TMRS contributions shown in?

_____________

(Unless the laws have changed in the past few years)

1) IF those contributions are in box 12, then their use for the RSCC is OK.

2) IF those contributions are in box 14, then they are not allowed to be used for the RSCC

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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Is a TMRS plan a qualified plan for Retirement Savings Contribution Credit?