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FAFSA: Reporting tax deferred retirement savings plans contributions

kitkat11kitkat11 Registered User Posts: 1 New Member
Filling out fafsa and I’m not sure what to say. I DO contribute to a TIAA-CREF account and FAFSA instructions assume this amount is reported in box 12 on W2. My box 12 is blank...

Replies to: FAFSA: Reporting tax deferred retirement savings plans contributions

  • BelknapPointBelknapPoint Registered User Posts: 3,749 Senior Member
    Specifically, what kind of account is it? 403(b)? Roth IRA? Something else? Pretax contributions that are withheld from pay by the employer and contributed to a 403(b) would be reported on your W-2 in box 12. A Roth IRA takes after tax contributions which are not reported on a W-2, and which do not need to be added back to your FAFSA reported income because they are already there. TIAA offers both 403(b)s and Roth IRAs.
  • SybyllaSybylla Registered User Posts: 2,414 Senior Member
    Or is it just a personal investing account?
  • kelsmomkelsmom Registered User Posts: 15,045 Senior Member
    Your TIAA-CREF contributions should show on your W2, if they are yours (as opposed to your employer's contributions on your behalf) and as long as they were pre-tax. You can contact TIAA-CREF to find out what your pre-tax contributions were in that year ... and then you should also contact your HR department to ask why they aren't on your W2. Of course, if they were not pre-tax, there is no issue (and you don't need to report them, because you already reported that income in your AGI).
  • thumper1thumper1 Registered User Posts: 71,002 Senior Member
    @kelsmom

    I think the contribution would only show on the W2 if it is being deducted by the employer.
  • kelsmomkelsmom Registered User Posts: 15,045 Senior Member
    Don't all pre-tax contributions have to be deducted by the employer? (I don't know for a fact, but that seems logical to me.)
  • brantlybrantly Registered User Posts: 3,231 Senior Member
    Don't all pre-tax contributions have to be deducted by the employer? (I don't know for a fact, but that seems logical to me.)

    You can open an IRA or other retirement account on your own. If you deposit $2k in your IRA, you enter it as an adjustment to income on your 1040 and it will reduce your AGI by $2k.
  • BelknapPointBelknapPoint Registered User Posts: 3,749 Senior Member
    You can open an IRA or other retirement account on your own. If you deposit $2k in your IRA, you enter it as an adjustment to income on your 1040 and it will reduce your AGI by $2k.

    Correct, but such a contribution wouldn't be noted on a W-2.
  • kelsmomkelsmom Registered User Posts: 15,045 Senior Member
    edited October 11
    And there is a separate question on the FAFSA asking about that type of contribution: "IRA deductions and payments to self-employed SEP, SIMPLE, Keogh and other qualified plans from IRS Form 1040—line 28 + line 32 or 1040A—line 17." It immediately follows the one that references the W-2.
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