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I contribute to MainePERS. I enrolled with a special limited enrollment time so, my MainePERS deduction was after tax deduction from Jan to June 2022. My employer and my department have upgraded to better contribution and all our department employees have changed. Now, my after -tax deduction has changed to the pre-tax deduction.
Received W-2 and I have a correct total of MainePERS contribution amount but it is NOT separated pre and post tax amount. Is this correct?
I’m not sure how to explain this though…my previous year,
FIT + MainePERS total deduction = same as FICA or MED or SIT-ME total but this 2022 my W-2, FIT + MainePERS total = Not same as FICA, or MED or SIT-ME. pre tax deduction amount only over.
I think our employer need to have two different code for MainePERS (for pre and post tax deduction) or this is okay? All deduction, included tax I paid, MainePERS contribution total are correct. Just seems a little ? My W-2.
Mainepers total deduction is under box 14.
If easy to show my w-2, I can screenshot of my W-2.
I hope someone could help me. Thank you
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It does not matter if the contribution is pre-tax or not. Your federal withholding does not include pre-tax contributions, but Social Security and Medicare does. So, when you did the after-tax contributions, Box 1,3 and 5 would be the same- with pre-tax, Box 1 is less than Box 3 and 5. (You pay the taxes on that income when you retire or remove it from the account- hence "deferred compensation")
It does not matter if the contribution is pre-tax or not. Your federal withholding does not include pre-tax contributions, but Social Security and Medicare does. So, when you did the after-tax contributions, Box 1,3 and 5 would be the same- with pre-tax, Box 1 is less than Box 3 and 5. (You pay the taxes on that income when you retire or remove it from the account- hence "deferred compensation")
Thank you so much for your quick reply and I appreciated your time and support.
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