- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The amount you contribute to your Simple IRA are in fact deducted from your MAGI. However, you do not see the amount deducted on your form 1040, because your contributions are already deducted from your gross wages and the amount net of deductions is reported in box 1 of your form W-2. Please check your form W-2. Box 1 should be smaller than box 5 by the amount you contributed to your Simple IRA.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
May 6, 2020
8:00 AM
343 Views