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SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

I am self-employed. I made contributions to my SIMPLE IRA as an employee and a 3% matching contribution as an employer. I entered those amounts in TurboTax Self-Employed. It is now asking me what is the "Amount of Contribution Attributed to this Business"? Do I enter the total contribution (employee plus employer contributions) or something else? Thank you! 

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6 Replies
MinhT1
Employee Tax Expert

SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

You should enter only the employer contribution.

 

The employee part is contributed from the employee's wages.

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SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

Thank you for your answer. However, because I am self-employed (and am asking about my own contributions as an employee), shouldn't I also include the employee portion? If I do not include the employee portion here, how would I get the tax deduction for that contribution? Thank you again!

MinhT1
Employee Tax Expert

SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

When you said that you are an employee, does this mean that your business pays you wages and you have a form W-2? only in this case, you are an employee and your employee contribution is excluded from taxation because that contribution is not included in box 1 of form W-2.

 

If you are still a sole proprietorship, you do not employ yourself and you are not an employee. In this case, you report the total contribution to the Simple IRA.

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SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

Sorry for the confusion in how I phrased my question. I am a sole proprietor - I do not receive wages or a W-2. Does this mean that I report the entire SIMPLE IRA contribution as the "Amount of Contribution Attributed to this Business"? Thank you again! 

MinhT1
Employee Tax Expert

SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

Yes.

 

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SIMPLE IRA - What is "Amount of Contribution Attributed to this Business"?

Thank you so much! 

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