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aweers
New Member

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

 
11 Replies
Opus 17
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

Are you sure it is an IRA? And not a 401k or 403b?
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Carl
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

Your retirement contributions are in box 12 of the W-2. You enter the W-2 exactly as printed in the W-2 section of the program, and that is the only place you will enter that amount in box 12, and only that amount in box 12.
Opus 17
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

Unless the employer is actually making after-tax contributions to a private IRA (which would be unusual).
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
aweers
New Member

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

It is an IRA and the contributions are in box 12. But when the IRA questions came up, it didn't say not to enter there if it was an employer IRA so I wasn't sure. Thank you!!
macuser_22
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

It is NOT an IRA.     What code is in box 12?  You only report it on the W-2 and nowhere else.

If a code "D" then it is a 401(k) plan.
if code "AA" it is a 401(k) Roth plan - otherwise called a "Designated Roth".  That is type of 401(k) plans and NOT an IRA.
If a code "BB"  it is a 403(k) Designated Roth - also not an IRA.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Opus 17
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

If your employer is preparing the W-2 correctly, then your contributions are already subtracted from your box 1 wages, which reduces your tax.  You don't enter them again anywhere, as that would result in a double deduction (and a bill from the IRS when they catch up next year).
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Carl
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

My guess is an employer sponsored SEP IRA.
aweers
New Member

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

Code is "S". Yes, I guess it's an SEP IRA. I just knew it was an IRA that my employer matched contributions on. Thank you guys! I thought that was the case but didn't want to miss out if I was mistaken. 🙂
dmertz
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

SIMPLE IRA, not a SEP-IRA.  Enter the code S amount only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

The employer contribution is not to be reported anywhere in TurboTax.
macuser_22
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

A 408(p) SIMPLE plan is still an employer sponsored retirement  plan and not a Traditional or Roth IRA that you would make individual contribution to and enter in the IRA contribution section, your contribution are reported on your W-2.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Opus 17
Level 15

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

Just enter your W-2, don't enter any separate contributions elsewhere in the program.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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