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February 6, 2025
Question

TurboTax asks, how much retirement contributions from a Box12 code S entry when to a "SIMPLE Roth IRA plan." But, can't a SIMPLE IRA NOT be a Roth IRA?

  • February 6, 2025
  • 1 reply
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The Exact wording of the TurboTax question: "How much of the $XXXX in retirement contributions from your W-2 (box 12) went to a SIMPLE Roth IRA plan?"

    1 reply

    Employee
    February 6, 2025

    The SECURE 2.0 Act made SIMPLE Roth IRAs possible.  Prior to that change only traditional SIMPLE IRAs were possible.