When I get my Federal Income Tax can I invest more money in my Teacher Retirement of Texas?

Question

I m a substitute and my regular deductions for my retirement are done for every paycheck, my question is when I get my income tax instead of spending it in whatever, can I invest that money into my teacher retirement for the year? By the way it's in Texas, where everything is big.

Answer 1

You would have to check with the Teacher Retirmement System to see how those contributions are handled.  You may be limited to paycheck deductions.

Answer 2

Only the US government can spend your income tax.  Might you be referring to your tax refund?

Answer 3

I'm not aware of any employer sponsored defined contribution retirement plans that allow contributions outside of the payroll offset process.

If your refund is more than about $500 or so, you should be adjusting your withholding to reduce the refund and then increase your retirement percentage from your wages.

Once you've maxed out your employer match, you might want to consider a Roth IRA.  You don't get a present day tax benefit for a Roth, but the payout in retirement is totally tax free.

Answer 4

that is something you will have to ask of the program administrator, there may be limitations in the plan