What is the amount in Box 5 , “employee contributions / Designated Roth contributions or insurance premiums” for?
Box 5 contains the amount of your pension benefits that you received during the year that are non-taxable. This amount represents the recovery of your after-tax contributions (costs) you made to the ERS while you were an employee of the State or county and is calculated according to rules required by the Internal Revenue Code. For members that retired after 1988, your monthly tax-free amount can be found on Copy C of Form 1099-R, located in the lower left corner, under Monthly exempt amt. The label for Box 5 is determined by the IRS, and the Box 5 amount as reported by the ERS does not represent any type of premium(s) paid.
Related Questions
- Since an employee makes designated Roth contributions from after-tax income, can the employee make tax-free withdrawals from his or her designated Roth account at any time?
- Can a plan automatically enroll an employee into making designated Roth contributions if the employee fails to decline participation?
- Can an employee make age-50 catch-up contributions as designated Roth contributions to his or her designated Roth account?
