I have made pretax contributions to my employer sponsered simple IRA. It appears they are deductable again in the retirement and Investments section of TurboTax. Am I correct or is this contribution allowed only once as shown on my W2?

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1 Best answer

Expert Alumni

Apr 12, 2020 11:09:04 AM

No, the contribution is allowed only once as shown on your W-2. This should have been reported in Box 12 with Code S of Form W-2.

For more information, see IRS: SIMPLE IRA Plan FAQs

Expert Alumni

Apr 12, 2020 11:09:04 AM

No, the contribution is allowed only once as shown on your W-2. This should have been reported in Box 12 with Code S of Form W-2.

For more information, see IRS: SIMPLE IRA Plan FAQs

Level 1

Apr 12, 2020 11:51:38 AM

Thank you KathrynG3. I thought as much but it didn't appear clear from what I was reading in Turbo Tax.