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Is my PERA contribution an IRA contribution?

Forum|Forum|7 years ago
June 4, 2019
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I live in Colorado and I have PERA instead of social security. The amount contributed is in box 14. Can I claim this as an IRA contribution deduction?

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Best answer by MargaretL

No, your PERA is not considered an IRA contribution. The employer put the the amount if box 14 just for reconciliation purposes but it is not a deduction that you can take separately on your tax return as an IRA contribution. Please do not enter the amount from box 14 as a separate entry in Deductions & Credits section, IRA contributions. All you have to do is to enter your W-2 form exactly as it appears.

However, be sure to go to Deductions & Credits and visit Retirement Savings contribution credit, you may be able to qualify for the credit.

Federal Taxes
Deductions & Credits
Retirement and Investments, select Retirement Savings Contributions Credits

MargaretLAnswer

Employee

No, your PERA is not considered an IRA contribution. The employer put the the amount if box 14 just for reconciliation purposes but it is not a deduction that you can take separately on your tax return as an IRA contribution. Please do not enter the amount from box 14 as a separate entry in Deductions & Credits section, IRA contributions. All you have to do is to enter your W-2 form exactly as it appears.

However, be sure to go to Deductions & Credits and visit Retirement Savings contribution credit, you may be able to qualify for the credit.

Federal Taxes
Deductions & Credits
Retirement and Investments, select Retirement Savings Contributions Credits

B

Bman14

Hello,

Where/how do we list PERA on our tax return?

Since no social security is withheld; it makes our taxes look like we're 'skipping out' on paying SS (or PERA) taxes and we owe a lot more.

Is there some way to show I am a public employee and that's why there is no social security?

Thanks

Critter

Employee

OK... stop worrying ... you will enter the W-2 in the program exactly as written ... nothing more. The IRS gets copies of the W-2 and they already know you will not have entries in boxes 3 & 4 ... nothing you need to tell them.