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Lev
Lev, Tax Preparer
Category: Finance
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Experience:  Personal Investment, Tax Preparation
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WHAT IS A 414h MASS PENSION ...

Customer Question

WHAT IS A 414h MASS PENSION CONTRIBUTION
AND WHAT LINE DO I PUT IT ON
Submitted: 8 years ago.
Category: Finance
Expert:  Lev replied 8 years ago.

Contributions to a 414h are handled the same as contributions to a 401k at the federal level; - it will reduce taxable income reported in the form W2 box 1 - http://www.irs.gov/pub/irs-pdf/fw2.pdf - It is also should be reported in the box 12

You do not need to report that contribution on 1040 form, but only report it for saver's credit if you are eligible. Use Form 8880, Credit for Qualified Retirement Savings Contributions - http://www.irs.gov/pub/irs-pdf/f8880.pdf

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Customer: replied 8 years ago.
I AGREE BUT IT WAS LISTED IN BOX14 UNDER OTHER
Expert:  Lev replied 8 years ago.

You are correct - according to instructions to form W2 - http://www.irs.gov/pub/irs-pdf/iw2w3.pdf page 11

. Also, do not report in box 12 section 414(h)(2) contributions (relating to certain state or local government plans). Instead, use box 14 for these items and any other amount elected by the employee for the year for dependent information that you wish to give to your employee.