ThomasM125
Expert Alumni

Retirement tax questions

I think what you mean is instead of taking the contributions from your pay and then reducing your taxable wages reported on your W-2 form to reflect this, the contributions are taken from your bank account with no reporting. As long as the contributions ended up in a traditional IRA and don't, along with other IRA contributions,  exceed your allowable traditional IRA contributions for the year, you can report them as traditional IRA contributions on your tax return.

 

You do this in the Retirement and Investments section of TurboTax, which is in the Deductions and Credits area. Look for Traditional and Roth IRA contributions and follow the instructions in that section to add your SIMPLE plan contributions as traditional IRA contributions.  

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