Do I Report Contributions on My Tax Return?Generally, you do not report contributions to your 403(b) account on your tax return. Your employer will report contributions on your Form W-2. Elective deferrals will be shown in box 12 and the Retirement plan box will be checked. If you are a self-employed minister or chaplain, see the discussions below. Self-employed ministers. If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Deduct your contributions on line 29 of Form 1040. Chaplains. If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. If you can take a deduction, enter your contributions on line 32 of Form 1040. Write 403(b) on the dotted line next to line 32. |