Regarding 408p SIMPLE, do I include my employer's contribution to "your total 2024 traditional IRA contribution"?

Forum|Forum|1 year ago
March 13, 2025
1 reply
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On 12a of my W-2 my employer contributed $1832 to my 408p SIMPLE plan. This was deducted from my total wages and entered in line 1. My retirement statement shows I added $3760 to my SIMPLE plan which includes the employer contribution. What do I enter under "your total 2024 traditional IRA contribution"? Do I include the amount my employer contributed or subtract that from the $3760?

TurboTax Online

dmertz

Employee

"On 12a of my W-2 my employer contributed $1832 to my 408p SIMPLE plan. This was deducted from my total wages and entered in line 1."

The amount shown in with code S in box 12 of your W-2 is your employee elective deferral, not the employer's contribution. Your retirement account statement shows the total of the additions made by both you and your employer.

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

The employer contribution goes nowhere on your tax return.

Nothing about these contributions is to be entered anywhere under Deductions & Credits.

pmazzara1Author

Thanks so much for the reply. Now that I understand what the figure in box 12 represents and know the total amount contributed to my account, what do I enter under "your total 2024 traditional IRA contribution". Do I include the contribution from my employer? Thank you.

VolvoGirl

Employee

You only enter it from the W2, nowhere else. Not under Deductions as a IRA Contribution. Your IRA at work is a different kind of IRA than a personal Traditional IRA you can deduct.