My employer puts a certain percentage of my income into a retirement fund. Does that count as an IRA and can I deduct that from my taxes?

The percentage is something that the state of Alaska requires each employee to put into a retirement fund. I have the exact amount on my W-2 but I don't know if it counts as an IRA or if its deductible in any way.

posted

No, that's not an IRA. The contributions are pre-tax, which means they aren't included in box 1 of your W-2. Since the contributions are pre-tax, there is no tax deduction allowed for the contributions.

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