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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.
‎January 22, 2021
6:45 AM