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Level 3
posted Feb 19, 2023 11:49:08 AM

Employer SIMPLE IRA contributions

As an employer providing a SIMPLE IRA to our household employee, where do I enter my contributions to their SIMPLE IRA?

0 3 368
3 Replies
Level 15
Feb 19, 2023 12:23:59 PM

Deleted

Level 3
Feb 19, 2023 1:09:40 PM

I'm the employer not the employee. My contributions are supposed to be tax deductible but can't figure out where to enter them. 

Expert Alumni
Feb 20, 2023 2:55:56 PM

Your retirement plan contributions are not deductible as such since they can only be applied to business income. If you were self-employed, you could deduct them from your self-employment income, but since you don't have any income associated with your household employee, the SIMPLE plan contributions are not deductible. You can't write them off against your personal income.

 

If you pay the household employee for child or dependent care, you can add the SIMPLE plan contributions to your expenses for purposes of the child and dependent care credit.