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Employee Contributions: State Income Tax

Employee Plan Contributions are not tax-deferred for state income tax purposes. However, the Plan Administratorís understanding is that the first $2,000 of your (annual) Plan Contributions are deductible on your state tax return.

You should thoroughly read the Comptroller's instructions that accompany your Form W-2 from the Commonwealth. These very helpful notes address the deduction of employee contributions to our state retirement plans.

Please call the Comptroller's Office, or your personal tax advisor, for additional assistance with this issue.

 

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