Q: Will my Icon contributions show on my W2?
Your payroll or direct contributions are to an individual Traditional IRA that is already in your name. W2 retirement income reporting does not apply for this plan type and will not show on your W2.
Q: How should I report my Icon contributions on my individual taxes?
Your total 2024 contribution amount to your Traditional IRA can generally be entered into your taxes as an IRA contribution which may modify your Adjusted Gross Income for the period.
The IRS covers the deduction amounts available for 2024 in their deduction limits publication. Even though you may have been invited to your plan by your employer, Icon is not considered a "retirement plan at work" by the IRS because it is a payroll deduct IRA.
Q: Where can I see my total contributions for 2024?
Your most recent statement will contain your annual contribution totals. You can download your statement in the Icon portal anytime. Please note that any re-characterization changes you make will take effect on a subsequent statement.
Log in to your account at https://my.iconsavingsplan.com/login
Navigate to the Documents section under your user menu on the top right:
Download your January (or most recent) 2024 statement in the Statements list by hitting the down arrow icon on the right:
Open your statement in your system PDF viewer and go to Page 4 (approximately). You will see a section labelled Retirement Account Information which contains your tax year contribution amount for 2024:
Note: If you do not see any "IRA Contribution Year 2024" line item or amount then you did not have any contributions for 2024.