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I have a SRA retirement account from my employer where do I report it ]? It is neither a traditional or Roth IRA. It is called a simple 401K where my employer matches a certain amount.

 
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dmertz
Level 15

I have a SRA retirement account from my employer where do I report it ]? It is neither a traditional or Roth IRA. It is called a simple 401K where my employer matches a certain amount.

Your employer will report in box 12 of your W-2 your contributions to the SIMPLE 401(k) plan.  Enter the box 12 amounts only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  TurboTax will use this information to prepare your tax return.  You employer will already have reduced the taxable income in box 1 of your W-2 by the amount of your elective deferrals to the SIMPLE 401(k), so you don't get to deduct that amount again.

 

Distributions from the SIMPLE 401(k) plan will be reported to you and to the IRS on Form 1099-R that you'll need to enter into TurboTax.

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1 Reply
dmertz
Level 15

I have a SRA retirement account from my employer where do I report it ]? It is neither a traditional or Roth IRA. It is called a simple 401K where my employer matches a certain amount.

Your employer will report in box 12 of your W-2 your contributions to the SIMPLE 401(k) plan.  Enter the box 12 amounts only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  TurboTax will use this information to prepare your tax return.  You employer will already have reduced the taxable income in box 1 of your W-2 by the amount of your elective deferrals to the SIMPLE 401(k), so you don't get to deduct that amount again.

 

Distributions from the SIMPLE 401(k) plan will be reported to you and to the IRS on Form 1099-R that you'll need to enter into TurboTax.

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