Where do I enter my employer SIMPLE contribution as a business expenses. TT says enter that as business expense. add as miscellaneous or under a category of expense?

[cattie]

I know where to enter the employer match...but it needs to be shown as business expense...where si that done and under what category

[MinhT1]

The employer match for a SIMPLE IRA can be entered as a business expenses under Less Common Expenses > Employee pension plan.

[Mike9241]

Understanding SIMPLE Plans

A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) is an employer-sponsored retirement plan, similar in some ways to 401(k) and 403(b) plans. 

According to Internal Revenue Service (IRS) regulations, only employers with fewer than 100 employees—and which do not offer other retirement plans—may establish a SIMPLE IRA. All employees who received $5,000 or more in compensation from an employer during any two previous calendar years and who are expected to receive $5,000 or more in compensation this year are eligible to participate in the employer’s SIMPLE IRA plan.

The Employer's Two Alternatives

SIMPLE IRAs require employers to make a minimum contribution to the account, while employees are not required to contribute. The employer has two alternatives when it comes to making these contributions. The first is to match the amounts that employees make toward their own elective-deferral contribution up to 3% of the employee's annual compensation.

The second alternative is for the employer to make a flat 2% nonelective contribution to all qualified employees, regardless of whether the employee makes any contributions.

only contributions made for employees of your self-employed business are a deductible business expense. line 19 of schedule C

Limitations of a SIMPLE Plan

A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) has lower contribution limits than most other employer-sponsored retirement plans. For 2021 the limit for the sole-proprietor, (they are never employees of their business) is $13,500. Those aged 50 or older can make a catch-up contribution of an extra $3,000 for 2021.  contributions to your own account are an adjustment to income line 16 of schedule 1. and are enter through the section for keogh.simple 

there should be a section after you finish with business entries - business deductions and credits which has a subsection for self-employed retirement contributions

A SIMPLE IRA can only be rolled over to a traditional IRA after a two-year waiting period, beginning from the day that the employee first participated in the plan

[cattie]

thank you very much!!!