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bengaldude76
New Member

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

 
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Accepted Solutions
Coleen3
Intuit Alumni

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

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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5 Replies
Coleen3
Intuit Alumni

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

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.

bengaldude76
New Member

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

Code S
macuser_22
Level 15

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

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
Intuit Alumni

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

This is another type of deferral. 408(p) SIMPLE contributions Deferrals made under a SIMPLE IRA plan. Do not enter it elsewhere.
dmertz
Level 15

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

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.
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