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.
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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. -
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.
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Thanks farm girl!Comment
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if they can elect
to participate wouldn't it be a voluntary program and entitle them to the credit?Comment
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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.
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