Level 5

Question

401(a)

7 replies
51 views

Can you get a saver's credit from 401(a) contribution?

ProSeries Professional

Level 5

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.

Jim-from-Ohio

Intuit Community Champion

yes

ljr

Level 9

Our friend google doesn't say 401 (a)

if you input it on the w2 and it doesn't calculate then I guess not unless they are over the income limit?

Just-Lisa-Now-

Intuit Community Champion

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♥¸¸.•*¨*•♫♪

Jim-from-Ohio

Intuit Community Champion

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 must be made to a qualified retirement plan. However, mandatory employee contributions to a 401(a) plan might not qualify, and employer contributions are not eligible.

C

chenschuhAuthor

Level 5

I looked at box 12 of proseries pro, can't find code to enter 401(a).

sjrcpa

Level 15

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.

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