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delelowman-gmail
January 29, 2024
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Are contributions to a SIMPLE IRA the same as contributing to a Traditional IRA?

  • January 29, 2024
  • 1 reply
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Box 12a on my W2 has an "S" designation for contribution to a 408(p) SIMPLE IRA. The amount exceeds the annual allowable limit for a Traditional IRA, but I think this includes my employer's match. Wondering if this is, in fact, a Traditional IRA and whether I should deduct my employer match before entering the amount.
Best answer by VolvoGirl

No.  Enter the W2 exactly as shown.  You don't also enter it under Deductions.   It is not the same as a Traditional IRA.  

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
January 29, 2024

No.  Enter the W2 exactly as shown.  You don't also enter it under Deductions.   It is not the same as a Traditional IRA.  

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