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Level 2
posted Mar 29, 2021 8:44:54 AM

IRA deduction

I have a payroll deduction into a simple IRA. Where do I claim that?

 

0 2 255
2 Replies
Level 15
Mar 29, 2021 8:56:54 AM

If you are an employee then it should already be reported in box 12, code S, on your W-2.     You do not report it anywhere else.

Expert Alumni
Mar 29, 2021 8:59:04 AM

Your contribution to your Simple IRA has already bee deducted from your taxable wages reported in box 1 of Form W-2. It is automatically excluded from taxation.

 

You do not have to claim it elsewhere on your tax return.