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Help NY preparers!!

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    Help NY preparers!!

    taxpayer contributes to the NYS pension system. amount is shown on W-2 as 414H which i realize is added back to NY income. Can the taxpayer take a retirement savings credit for this amount? Taxpayer tells me she voluntarily participates in the pension system. she would meet the other criteria for the credit?? Cna't seem to get a definitive answer.

    #2
    No retirement saver's credit

    The 414H isn't voluntary - I think they are required to pay about 3% of their wages in to the system. No saver's credit for 414H.

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      #3
      I agree....

      ............ no saver credit....... While it is not a mandatory system for many employees, most elect participation in the retirement system.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        #4
        Thanks farm girl!

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          #5
          if they can elect

          to participate wouldn't it be a voluntary program and entitle them to the credit?

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            #6
            Not to ........

            .............. my knowledge. The question has never come up and I have not seen any contribution to a pension plan that gets added back to state income either. It is not a 401K or any other such plan usually found in box 12. This 414h is a box 14 issue which relates to state add back.
            This post is for discussion purposes only and should be verified with other sources before actual use.

            Many times I post additional info on the post, Click on "message board" for updated content.

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