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posted May 31, 2019 5:08:42 PM

How to record SIMPLE IRA

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?

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1 Best answer
Expert Alumni
May 31, 2019 5:08:43 PM

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 Replies
Expert Alumni
May 31, 2019 5:08:43 PM

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).