topic Where do I deduct a tax-qualified annuity payment? in Retirement tax questions

Where do I deduct a tax-qualified annuity payment?

dyancy113384 — Tue, 04 Feb 2020 19:34:57 GMT

Re: Where do I deduct a tax-qualified annuity payment?

DaveF1006 — Tue, 04 Feb 2020 20:01:16 GMT

Is this an IRA or is it a retirement contribution you make through payroll? Do you make the payment directly or is it deducted through paroll?

Re: Where do I deduct a tax-qualified annuity payment?

dyancy113384 — Fri, 07 Feb 2020 13:58:47 GMT

Believe is it's. We pay directly

Re: Where do I deduct a tax-qualified annuity payment?

DianeC958 — Fri, 07 Feb 2020 17:03:32 GMT

If the amount going into the annuity is showing on your W-2 information in Box 12 then the money is going into the account before tax is being charged on it and so it is not tax-deductible.

Re: Where do I deduct a tax-qualified annuity payment?

dyancy113384 — Fri, 07 Feb 2020 23:10:10 GMT

Is not on any W2 We pay it from our checking account.

Re: Where do I deduct a tax-qualified annuity payment?

DianeC958 — Sun, 09 Feb 2020 18:33:37 GMT

If it is a qualified annuity it should be classified as an IRA account and you deduct the amount you paid as an IRA contribution.

Federal
Deductions & Credits
Traditional & Roth Contributions