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eparker46
New Member

Pension Plan Contributions

I am a part of a union and have two mandatory contributions per pay period to our union pension plan. Nothing is checked on my W-2, but after looking at the calculations, I am paying tax on my income and then the money for the pension is removed from my paycheck. From my understanding, I should be able to indicate this somewhere on my taxes, but I cannot find where to do that. Can anyone assist? 

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1 Reply
ThomasM125
Expert Alumni

Pension Plan Contributions

From what you describe, you have a non-qualified pension plan, one in which your contributions are not deductible. Otherwise, your income reported in box 1 on your W-2 form would be reduced by the amount of your pension plan contributions. If this is the case, you cannot deduct the pension plan contributions elsewhere on your tax return. When you take retirement plan distributions from the plan in retirement, the distributions you take will not be taxable to the extent they are from contributions you made to the plan.

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