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TimBach2
New Member

I made contributions to a 403(b), which is recorded in box 12b of my W2 (code E). Is this deductable? Do I need to enter this as a traditional IRA contribution?

 
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MichaelMc
New Member

I made contributions to a 403(b), which is recorded in box 12b of my W2 (code E). Is this deductable? Do I need to enter this as a traditional IRA contribution?

No, your 403(b) plan is not a Traditional IRA, and requires no special attention on your tax return other than properly entering the Form W-2 information.

A 403(b) plan is the non-profit organization's analog to a 401(k) plan in a for-profit business. It is not tax-deductible, as the contributions are pre-tax. You don’t pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire.

"A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers."

Source:
https://www.irs.gov/publications/p571




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MichaelMc
New Member

I made contributions to a 403(b), which is recorded in box 12b of my W2 (code E). Is this deductable? Do I need to enter this as a traditional IRA contribution?

No, your 403(b) plan is not a Traditional IRA, and requires no special attention on your tax return other than properly entering the Form W-2 information.

A 403(b) plan is the non-profit organization's analog to a 401(k) plan in a for-profit business. It is not tax-deductible, as the contributions are pre-tax. You don’t pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire.

"A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers."

Source:
https://www.irs.gov/publications/p571




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