Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have a client that s is a teacher and SS line is 0, in box…

Customer Question
I have a client...

I have a client that s is a teacher and SS line is 0, in box 14 ret. is listed. Is this put on the Tax as an IRA...I would use it as a Teachers retirement

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

A teacher with W-2 Federal amount 10000, SS line 0, medicare line 10000 box 14 Retire 7000. Does that qualify as an IRA

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I feel that the retirement goes into a teachers retirement not an IRA

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
3/7/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,719
Experience: Taxes, Immigration, Labor Relations
Verified

That amount in box 1 W2 form is treated as earned income - and the person qualified for IRA contribution - if that was your question.

But the amount in box 14 indicated contribution into State Teachers' Retirement Fund.

That means the taxpayer is covered by the retirement plan at work.

Let me know if any clarification needed.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,719
32,719 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
IRS Tax Question: What are the retirement plan options for
IRS Tax Question: What are the retirement plan options for somebody with an S-Corp where they are the sole employee? What happens when the decide to hire employees? Please provide very good IRS refere… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
I'm on Federal Disability, on my Federal Tax forms there are
I'm on Federal Disability, on my Federal Tax forms there are special provisions for this income. How do I handle it on my California State Income tax filling Married Joint? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
I change jobs and cashed out a retirement plan to pay some
I change jobs and cashed out a retirement plan to pay some bills. Now it appears after what they took out, I will still owe about $6000. What type of payment options are there And what type of interes… read more
Lev
Lev
Tax Advisor
32,719 satisfied customers
I have 2017 Disaster Retirement Plan Distribution from IRA
I have 2017 Disaster Retirement Plan Distribution from IRA in the amount of $22,769.00. Due to Tax relief for victims of disaster, I chose to pay 1/3 of the amount ($7589.00) and I got taxed on that a… read more
Lev
Lev
Tax Advisor
32,719 satisfied customers
On my w-2 form box 10/ dependent care benefits/ it has
on my w-2 form box 10/ dependent care benefits/ it has 60.00. I do not have dependents. did someone make a mistake in filling out my w-2? how do I fix this? … read more
abci168
abci168
Principal
27 satisfied customers
Do employer and employee federal, SS, Medicare taxes
Do employer and employee federal, SS, Medicare taxes reported on Form 941 and paid together in a lump sum?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I took an early withdrawal from my retirement plan. They
I took an early withdrawal from my retirement plan. They withheld federal tax at the time of the distribution ($5k distribution, $1k withheld) is that reported on 15a page 1 of your 1040 and does it require a supporting schedule? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
I did not receive a W-2 for the amount of $25,000K as an
I did not receive a W-2 for the amount of $25,000K as an incentive for signed intent to sell my home. Do I report it Line 22 on my Federal Income Tax 1040 under INCOME issued on 11/30/2017 per First A… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Where do I enter the form W-2 that reflects the taxable
Where do I enter the form W-2 that reflects the taxable portion and Fderal tax related to non rev travel on American Airlines by my family? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have 2 W-2 forms entered into my taxed. I have 2 W-2 forms
I have 2 W-2 forms with very similar income and withholding entered into my turbo tax program. After I entered the second w-2 (again, similar income and withholding) the amount of my refund is significantly less. Why is that? … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
Retirement/Plan Tax Question: Taxpayer has an LLC consulting
Retirement/Plan Tax Question: Taxpayer has an LLC consulting partnership. TP also has been and continues to be a W2 employee (minister) of large well-established denomination. TP's LLC is related, but… read more
Lev
Lev
Tax Advisor
32,719 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
Lev
Lev
Tax Advisor
32,719 satisfied customers
Where do you deduct DD on your W-2 form? On W-2 form I have
Where do you deduct DD on your W-2 form? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: On W-2 form I have $6120.Cost of health coverage. JA: Is ther… read more
abci168
abci168
Principal
27 satisfied customers
Robin, I'm still looking to withdraw my retirement plan
Hi Robin, I'm still looking to withdraw my retirement plan funds from the US and into Portugal. They are with TIAA-CREF and Vanguard. My questions are 1) what is the easiest form to have these funds i… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Missing federal tax forms. About 2 weeks. Who can i
missing federal tax forms JA: I'll do all I can to help. How long have you been dealing with this? Customer: about 2 weeks JA: Do you plan on doing the work yourself? Customer: no JA: Anything else we… read more
abci168
abci168
Principal
27 satisfied customers
I received a W-2 form from Lina Benefit that is different
I received a W-2 form from Lina Benefit that is different from the one I received from the company from which I receive disability payments. What is the correct amount to enter on my 2017 tax form? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
I noticed that copy 2 of the W-2 has one copy with the state
I noticed that copy 2 of the W-2 has one copy with the state and local boxes populated, then the second copy only has the state info (local tax info is not there). I assume this is because one is for … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x