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.

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1 Best answer

Expert Alumni

Feb 4, 2025 1:53:54 PM

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.

Expert Alumni

Feb 4, 2025 1:53:54 PM

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.