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June 1, 2019
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How to record SIMPLE IRA

  • June 1, 2019
  • 1 reply
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Do I need to enter my contributions to my employer matched SIMPLE IRA? It is listed on my W2 in box 12a code S, do I also need to enter it under Traditional IRA contributions?
Best answer by LindaA

No, do not enter this amount under Traditional IRA contributions. As you stated, it is already accounted for on your W-2 in Box 12 with Code S. Code S is used for employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in Box 1).

1 reply

LindaAAnswer
June 1, 2019

No, do not enter this amount under Traditional IRA contributions. As you stated, it is already accounted for on your W-2 in Box 12 with Code S. Code S is used for employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in Box 1).