I'm part of a company of only 3 employees which has a SIMPLE IRA. Similar to how our Traditional IRA worked, these contributions are NOT made through wage withholding (and thus reflected in our W2s) but are taken post-tax (initially) from our respective bank accounts on a twice-monthly basis. The financial advisor who set up our SIMPLE IRA says that many of his clients do it this way as well.
There seems to be no guidance on how to report these contributions to lessen gross income anywhere, as all answers (here and elsewhere) assume that the SIMPLE IRA contributions are withheld from wages.
Help?
