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June 1, 2019
Question

Do I enter my bi-weekly contributions to my SIMPLE IRA anywhere in Deductions & Credits?

  • June 1, 2019
  • 1 reply
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1 reply

PopeyeTheSalior
Employee
June 1, 2019

No, employee contributions to a SIMPLE IRA plan are not deductible by participants. Employee salary reduction contributions to a SIMPLE IRA are not included in the “Wages, tips, other compensation” box of the Form W-2 and are not reported as income on your Form 1040.

If you are a sole proprietor or partner, however, you would deduct your own salary reduction contributions and your own matching or non-elective contributions.  Upgrade to TurboTax Self-Employed online version, follow the step-by-step interview questions to enter information under Less Common Business Situations / Self-employed Retirement