Does anyone know if contributons to a KAPERS retirement plan qualify for the retirement savings credit?
KAPERS= Kansas state employee retirement plan. I know it can be used on the state form but I'm unsure if it can be used on the federal form.
Public Comments
- yes it does qualify Eligible contributions. These include: Contributions to a traditional or Roth IRA, and Salary reduction contributions (elective deferrals) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a 457 plan), A SIMPLE IRA plan, or A salary reduction SEP. http://www.irs.gov/publications/p571/ch10.html
- KPERS qualifies for the retirement savings credit only if you voluntarily contribute additional money after taxes. KPERS contributions that are taken out pre-tax doesn't qualify. KPERS isn't counted into your income for federal taxes but it is for state.
Powered by Yahoo! Answers