401(a) Plan

[Burke]

Teachers' state retirement plan in 2011 required new hires to contribute to plan. Local school board has issued corrected 2011 W-2's to these employees, as they have discovered that their payroll system failed to withhold FICA taxes on these contributions. Corrected W-2's show Box 3 & 5 with increased amounts for SS wages and taxes. No change to Box 1. Which means it is tax-sheltered like a 401(k) plan from income taxes??? Apparently these contributions will not qualify the TP for the Ret Savers Credit as Pub 590 does not include 401(a) plans in the eligible contributions list. Any opinions?

[JG EA]

Teachers' state retirement plan in 2011 required new hires to contribute to plan. Local school board has issued corrected 2011 W-2's to these employees, as they have discovered that their payroll system failed to withhold FICA taxes on these contributions. Corrected W-2's show Box 3 & 5 with increased amounts for SS wages and taxes. No change to Box 1. Which means it is tax-sheltered like a 401(k) plan from income taxes??? Apparently these contributions will not qualify the TP for the Ret Savers Credit as Pub 590 does not include 401(a) plans in the eligible contributions list. Any opinions?

401(k) does qualify - 401(a) does not qualify for saver's credit. Some teacher plans include both. Of course 401(k) will be in box 12.