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KGENTERPRISE
New Member

My wife and I are teachers and part of a retirement plan. Can the contribution we make to this reirement plan be deducted under IRA contribution or in some other area?

My wife and I are teachers and part of a retirement plan. Can the contribution we make to this reirement plan be deducted under IRA contribution or in some other area?

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RichardG
New Member

My wife and I are teachers and part of a retirement plan. Can the contribution we make to this reirement plan be deducted under IRA contribution or in some other area?

No.  The IRA deduction is for contributions made to an IRA with after-tax money.  Your retirement plan contributions are made with pre-tax dollars, so there's no deduction.

However, your contributions may be eligible for the Retirement Savings Contribution Credit.  Please be sure and go through that interview in TurboTax.  It's right below the interview for IRA contributions.

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RichardG
New Member

My wife and I are teachers and part of a retirement plan. Can the contribution we make to this reirement plan be deducted under IRA contribution or in some other area?

No.  The IRA deduction is for contributions made to an IRA with after-tax money.  Your retirement plan contributions are made with pre-tax dollars, so there's no deduction.

However, your contributions may be eligible for the Retirement Savings Contribution Credit.  Please be sure and go through that interview in TurboTax.  It's right below the interview for IRA contributions.

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