- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No - you do not have to do anything to report your SIMPLE IRA contributions.
If you participated in a SIMPLE IRA plan through your employer, the amount contributed into the plan is already excluded from your gross income in Box 1 of your W2. It will show with code S in box 12 of your W-2.
It is only considered as income for Social Security and Medicare withholdings.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Forms 1099-R report distributions from retirement plans, not contributions to retirement plans. If you received a distribution from a SIMPLE plan, it must be reported on your tax return by entering the Form 1099-R reporting the distribution.
Your contributions to the SIMPLE plan are shown in box 12 of your W-2. Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. Employer contributions to the SIMPLE plan are not reported anywhere on your tax return.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
I just wanted to confirm with you, my SIMPLE IRA allowed me to pick specific investments, stocks, indexes, etc I could move my contributions in to. Should I / will I be getting any 1099 forms to report to the IRS or no?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Movement of funds between investments within the IRA are not reportable and do not result in the custodian issuing any Forms 1099-R. Forms 1099-R are issued by the custodian when you take money or property out of the IRA. If you didn't take anything out of the IRA you won't get any Form 1099-R with respect to this IRA.
If you did take something out of the IRA, the custodian has until January 31 to issue the Form 1099-R.