How do I know if I’m eligible for Ira deduction? It’s asking if I made a contribution. Yes but it’s been subtracted from w2 box 1 but not box 3 and put in 12a code “s”?

The work flow in the app makes it sound like I can, but it seems like it’s double dipping.

MayaDAnswer

Alumni - Intuit

SIMPLE-IRA through your employer, will be reported with code S in box 12 of your W-2. You don't enter that amount again on your return.

The amount contributed into the plan is already excluded from your Gross Income (Box 1 of W2) so you can't claim a deduction for that amount.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

MayaDAnswer

Alumni - Intuit

SIMPLE-IRA through your employer, will be reported with code S in box 12 of your W-2. You don't enter that amount again on your return.

The amount contributed into the plan is already excluded from your Gross Income (Box 1 of W2) so you can't claim a deduction for that amount.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

1 reply