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.
01286
1 Replies
IsabellaG
Expert Alumni
Jun 4, 2019 5:49:01 PM
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.