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Can you get a saver's credit from 401(a) contribution?
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It's on box 14 of w2. Client told me she contribution 7% of her wage to it and her employer did the same % matching. It's part of the school system.
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yes
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401a are generally a profit sharing arrangement funded by the employer or it comes out of their total wage package, its not a pre-tax contribution by the employee, I say no, it doesnt qualify or it would be in Box 12.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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maybe, maybe not
Yes, voluntary, elective deferral contributions to a voluntary, elective deferral contributions to a 401(a) plan are generally eligible for the Retirement Savings Contributions Credit. These contributions mus...
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I looked at box 12 of proseries pro, can't find code to enter 401(a).
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This term 401(a) seems to be new (to me anyway) this year and is in the education space. I don't know any more than that.
I have seen other people ask this elsewhere.
IRC Section 401(a) defines Qualified Plan with 39 subsections so I still don't know.
The more I know the more I don’t know.