Discussion:Teachers Retirement System (TRS) and the Credit for Qualified Retirement Savings Contributions
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Discussion Forum Index --> Basic Tax Questions --> Teachers Retirement System (TRS) and the Credit for Qualified Retirement Savings Contributions
Discussion Forum Index --> Tax Questions --> Teachers Retirement System (TRS) and the Credit for Qualified Retirement Savings Contributions
Workistaxing (talk|edits) said: | 23 February 2008 |
| Does the amount for contributions to the Teachers' Retirement System (TRS)in W2 Box 14 count towards the Credit for Qualified Retirement Savings Contributions? The TRS handbook for Texas says, "The TRS plan of retirement benefits is administered as a qualified retirement plan under the provisions of the U.S. Internal Revenue Code Section 401(a)." The TRS is in addition to the voluntary 403(b).
The term "qualified" means different things to different entities. Does this count as a "qualified" plan in the eyes of the IRS, and can this be included on Form 8880? Here's the link to the Texas TRS Handbook: ( http://www.trs.state.tx.us/benefits/documents/benefits_handbook.pdf ) Any help would be greatly appreciated. | |
Death&Taxes (talk|edits) said: | 23 February 2008 |
| Probably not; we had this discussion recently about Pennsylvania's mandatory contributions which did not qualify for the Savers Credit. | |
Taxestaxes (talk|edits) said: | 23 February 2008 |
| If the plan is mandatory, not it doesnt qualify. | |
| 25 February 2008 | |
| The 401(a) plans that I have seen are defined benefit plans where the teachers/government employees are required to contribute x% of their salary if they work more than a certain amount of hours each month. These would not be allowable for the savers credit.
Any voluntary contributions through the 403(b) would qualify assuming all other eligibility requirements were met. | |
Workistaxing (talk|edits) said: | 28 February 2008 |
| Thanks for all your help. | |
