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New Member
posted Jan 29, 2024 1:08:34 PM

Are contributions to a SIMPLE IRA the same as contributing to a Traditional IRA?

Box 12a on my W2 has an "S" designation for contribution to a 408(p) SIMPLE IRA. The amount exceeds the annual allowable limit for a Traditional IRA, but I think this includes my employer's match. Wondering if this is, in fact, a Traditional IRA and whether I should deduct my employer match before entering the amount.

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1 Best answer
Level 15
Jan 29, 2024 1:14:56 PM

No.  Enter the W2 exactly as shown.  You don't also enter it under Deductions.   It is not the same as a Traditional IRA.  

1 Replies
Level 15
Jan 29, 2024 1:14:56 PM

No.  Enter the W2 exactly as shown.  You don't also enter it under Deductions.   It is not the same as a Traditional IRA.