Subtractions of Teacher Retirement System Distributions

Forum|Forum|1 year ago
January 25, 2025
4 replies
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This is confusing a bit. I can’t find anything online about it. Even though I am a teacher in 2024, I am allowed to put the TRS taxes that were withheld in and get a deduction? I was not born in 1989 nor thought of. I don’t want to mess up my taxes.

xmasbaby0

Employee

When you enter your W-2 you will be entering everything from all of the boxes. Usually box 12 will have your TRS amount. Just enter your W-2, you do not enter the retirement anywhere else.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

SteamTrain

Employee

It really isn't clear to me whether you are talking about

1) state taxes withheld on a "Distribution", as reported on a 1099-R?

2) Do you actually mean "Contributions" to the retirement system, as listed on your W-2?

If #2, then it depends on which state you are asking about.......because some states report retirement system contributions as one of the box 12 entries, and others only as box 14 entries.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

xmasbaby0

Employee

@denisesha500

@SteamTrain had a good point.

The heading on your post has the word "Distributions" but later in the post you seem to be referring to money that was withheld for the retirement plan. Which did you mean? A "distribution" would be if you took money out of a retirement account. When you retire and start receiving the pension you get a 1099R each year. And...not sure why you mentioned 1989. ???

If you were referring to money that was withheld from your teacher pay for the retirement plan, it was entered when you entered the boxes from your W-2----often from box 12, maybe from box 14. So you don't enter it again anywhere else.

You asked if you can get a deduction---- are you referring to the Saver Credit? You might get that---depending on your income. It is a non-refundable credit. It can reduce the amount of tax owed.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/accounting-bookkeeping/2021-saver-credit/L30oRgjwj_US_en_US?uid=m6cxi1jc

VolvoGirl

Employee

If you took a Distribution from the TRS you will get a 1099R for it soon if you didn't already get it. The whole amount will be taxable and you will get credit for the tax withholding they took out.

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

If you are adding another 1099R there might be a Add button at the bottom of the list.

If box 2a is zero or says unknown then leave it BLANK!