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I'm a teacher and part of the MO Teacher Pension. Still planning to work for another twenty years as a teacher and member of the pension. Can I still make deductible IRA contributions on top of the pension? Am I considered a covered employee and subject to the lower contribution limits?
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If your W-2 has the 'Retirement Plan' box checked, then you can make IRA contributions subject to lower limits for year W-2 covers. https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...
And box 13 Retirement plan on your W-2 should be marked because the pension plan is a workplace retirement plan that covers you for the tax year.
How is the retirement plan contributions accounted for on your taxes? When I did my taxes this year there is nothing in the. 1040 on line 5a for Pensions listed. Should the amount of contributions I made to retirement be on this line?
No. Line 5a is for the Gross Distribution. If the taxable amount on 5b is the same as the gross distribution on 1099R box 1 then it doesn't show the amount on 5a.
See IRS 1040 Instructions.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
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