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posted Apr 1, 2024 6:19:09 PM

Do I need to report my Simple IRA Contribution in the IRA contribution section if I already confirmed the total contribution in a previous income section?

I have already contributed the max to my Roth IRA under the guidance of my financial advisor who knows that I have a simple IRA plan through my employer. If I report that total (that I already filled out in a section earlier), that will put me over the maximum of 6500 (I'm being told at least). Should I be adding that still?

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1 Best answer
Level 15
Apr 1, 2024 6:55:36 PM

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Make sure that you do not enter any of these amounts (including an amount reported with code S) anywhere under Deductions & Credits.

1 Replies
Level 15
Apr 1, 2024 6:55:36 PM

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Make sure that you do not enter any of these amounts (including an amount reported with code S) anywhere under Deductions & Credits.