MinhT1
Expert Alumni

Business & farm

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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