W-2 Box 14 STRS/S

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I am unsure how to input this item from box 14 of my w-2. I am a teacher in California and my w-2 shows STRS/S. I don't know the correct code and description.

DMarkM1Answer

Alumni - Intuit

The deductions method does not allow supplemental retirement savings to be entered.

Can we call it a tax deductible employment expense?

No. It's not. An employment expense is a deduction that is mandated due to employment no matter where you are employed. Any nontaxable contributions to a retirement plan have already been excluded from box 1 taxable wages on your w2. The information in box 14 is informational to let you know what the contributions were. The box 14 code should be "Other not classified."

As @JulieS states you can use the box 14 amount that is contributions to a retirement plan (not an IRA) to make a claim for the retirement savings credit. Here are the steps she posted again if you need.

"If the amount is definitely a retirement contribution, you can enter it as such to get credit for the Retirement Savings Contribution credit. Do not enter it as an IRA contribution.

Select Federal from the left side menu.
Select Deductions and Credits toward the upper left.
Expand the list and scroll down to Retirement and Investments.
Expand the section and click Start or Revisit to the right of Retirement Savings Contribution Credit.
Click Continue.
On the screen, Let us know if you made any additional contributions to qualified retirement accounts, enter the amount in Additional contributions.
Click Continue and answer the remaining questions in the section. "

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DanielV01

Alumni - Intuit

If it doesn't match with any of the drop-down codes in Box 14 in TurboTax, then put other. SDI or VDI entries matter, but many other Box 14 codes have no real effect on the tax return.

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DualcaliAuthor

Level 2

1) When I select "other" my taxes owed goes up by ~$500

2) The description in box 14 of my W-2 is "STRS/S" and turbox isn't taking that. It highlights the description box to change that description. It keeps taking me back to change it every time I want to finalize and submit my taxes.

DanielV01

Alumni - Intuit

I stand corrected. That code is your contribution to the state's retirement system, which is a potential credit. Look for the Box 14 Code that is related to retirement contributions, so that the information can flow to Form 8880.

I can't explain why your tax is going up by $500, but see if this changes it.

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Snneff1959

Level 2

That doesn’t work for me either. My wife is a California school teacher and there is no category for STRS/S or S(125). Every time I enter those numbers our taxes owed shoots way up. It’s happened the last few years we’ve been married and I have not been able to get an answer. Should a retirement fund be counted as income when we have to wait to receive it until she retires?

JulieS

Alumni - Intuit

No, retirement contributions are not counted as income on the federal return, but there are a few states who tax these amounts.

The amount in box 1 of the W-2 form is reduced by the amount that was contributed to the retirement plan, so you are not being taxed on that.

If you don't have a specific description that matches the drop down, select "Other".

If the amount is definitely a retirement contribution, you can enter it as such to get credit for the Retirement Savings Contribution credit. Do not enter it as an IRA contribution.

Select Federal from the left side menu.
Select Deductions and Credits toward the upper left.
Expand the list and scroll down to Retirement and Investments.
Expand the section and click Start or Revisit to the right of Retirement Savings Contribution Credit.
Click Continue.
On the screen, Let us know if you made any additional contributions to qualified retirement accounts, enter the amount in Additional contributions.
Click Continue and answer the remaining questions in the section.