Can I deduct employer retirement IRA contributions after I already entered it in from my W-2 or is that deducting twice?

bengaldude76 · ‎June 6, 2019

Coleen3 · ‎June 6, 2019

What code did you have in Box 12 of your W-2? The ones below are types of deferred compensation that are normally indicated on your W-2.

Code D -- Elective deferral under a 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement.
E -- Elective deferrals under a Section 403(b) salary reduction agreement
F -- Elective deferrals under a Section 408(k)(6) salary reduction SEP
G -- Elective deferrals and employer contributions (including nonelective deferrals) to a Section 457(b) deferred compensation plan
H -- Elective deferrals to a Section 501(c)(18)(D) tax-exempt organization plan

or

Code AA -- Designated Roth contribution under a 401(k) plan
BB -- Designated Roth contributions under a 403(b) plan

None of these are deductible anywhere on the return as they are already getting a tax deferred benefit.

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bengaldude76 · ‎June 6, 2019

Code S

macuser_22 · ‎June 6, 2019

Employer plans are NOT IRA's and to not get entered anywhere other then the W-2.

Code S is a 408(p) SIMPLE employer plan.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Coleen3 · ‎June 6, 2019

This is another type of deferral. 408(p) SIMPLE contributions Deferrals made under a SIMPLE IRA plan. Do not enter it elsewhere.

dmertz · ‎June 6, 2019

Well, code S indicate an elective deferral to a SIMPLE IRA, but it's still to be entered only in box 12 of TurboTax's W-2 from, nowhere else. Your employer has already excluded the code S amount from your wages reported in box 1 of your W-2, so you don't get to deduct it again.

Can I deduct employer retirement IRA contributions after I already entered it in from my W-2 or is that deducting twice?

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions