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Employer Saver
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  1. Minnesota Secure Choice
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  3. Frequently Asked Questions
  4. Saver FAQs
  5. Understanding Taxes and Benefits

Why don't my contributions show up on my W2?

Minnesota Secure Choice acts as a payroll deduction IRA, not a retirement plan as defined for the W2, so you won't see your contributions reflected on your W2. Your IRA trustee will file Form 5498 IRA Contributions Information with the IRS, and you will receive a copy no later than May 31. You do not need to file this form with your taxes, but you should keep it with your tax records as documentation of your contributions for a particular tax year.

Articles in this section

  • Why don't my contributions show up on my W2?
  • Could saving for retirement impact my disability benefits?
  • Could having a Minnesota Secure Choice account impact my eligibility for federal assistance programs like SNAP or TANF?
  • Could having an account impact my eligibility for college financial aid?
  • Am I eligible for the Saver's Credit from the IRS if I participate in the program?

Related articles

  • How does an employer know how much to deduct from each employee’s paycheck?
  • Where can I find information about investments, fees, risks, and other program details?
  • Am I eligible for the Saver's Credit from the IRS if I participate in the program?
  • Could I lose my money?
  • If I have another IRA in addition to the State's program, does the contribution limit apply to each separately or to the combined amount?
← SecureChoice.mn.gov