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posted Jun 24, 2019 2:58:32 PM

How do I identify IPERS on my W2 for turbotax for my 2018 return?

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4 Replies
Level 15
Jun 24, 2019 3:08:54 PM

Are you referring to the Iowa Public Employees' Retirement System?

If you make elective deferrals then those would more than likely be shown in box 12 of the W-2 probably with a code of E.

Level 15
Jun 24, 2019 3:35:21 PM

Check box 14 of your W-2 too

....I've been poking at the IPERS site, and they claim it is a Defined Benefit plan with both employer and personal contributions.... that sounds more like a 414(h) plan...but they don't say that exactly, so I'm unsure.

 

IF you are entering your W-2 into the software, you just enter the data it shows on your Paper W-2 form

________________

IPERS Employers Handbook:

When completing the Form W-2 for IPERS-covered employees, follow
these procedures:
• STEP 1 Check Box 13, Retirement Plan, as IPERS is a qualified plan under
Internal Revenue Code section 401(a).
• STEP 2 (Optional) You may report the amount of the member’s IPERS
contributions in Box 14. This amount should have been withheld pretax from
the member’s paycheck

Level 15
Jun 24, 2019 3:55:05 PM

...and if you do see your "required" IPERS contributions listed in box 14, for the TTX software's tax category, I believe you will use  "Other not on above list"

 

( Subject to someone correcting me as I am a bit unsure @dmertz  ?)

 

 

Level 15
Jun 24, 2019 6:19:12 PM

I don't think your IPERS contributions have any effect on your tax return.  They are pre-tax contributions for both federal and state, so the amount of your IPERS contributions is already excluded from box 1 of your W-2.  You don't get any additional deduction for it on your tax return.  Any indication in box 14 of your W-2 regarding your IPERS contributions would just be for your own personal information (although you should still enter it into TurboTax as Steam_Train indicated).