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Level 3

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

I am waiting for a 1099 form from my Simple IRA provider but do not know if this is necessary to file my taxes. Do SIMPLE IRAs need to be filed by the individual?
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Employee Tax Expert

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

No - you do not have to do anything to report your SIMPLE IRA contributions. 

 

If you participated in a SIMPLE IRA plan through your employer, the amount contributed into the plan is already excluded from your gross income in Box 1 of your W2.  It will show with code S in box 12 of your W-2.

 

It is only considered as income for Social Security and Medicare withholdings. 

 

 

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4 Replies
Employee Tax Expert

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

No - you do not have to do anything to report your SIMPLE IRA contributions. 

 

If you participated in a SIMPLE IRA plan through your employer, the amount contributed into the plan is already excluded from your gross income in Box 1 of your W2.  It will show with code S in box 12 of your W-2.

 

It is only considered as income for Social Security and Medicare withholdings. 

 

 

View solution in original post

Level 15

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

Forms 1099-R report distributions from retirement plans, not contributions to retirement plans.  If you received a distribution from a SIMPLE plan, it must be reported on your tax return by entering the Form 1099-R reporting the distribution.

 

Your contributions to the SIMPLE plan are shown in box 12 of your W-2.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Employer contributions to the SIMPLE plan are not reported anywhere on your tax return.

Level 3

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

I just wanted to confirm with you, my SIMPLE IRA allowed me to pick specific investments, stocks, indexes, etc I could move my contributions in to. Should I / will I be getting any 1099 forms to report to the IRS or no?

Level 15

Does anyone know if you need to report anything from your SIMPLE IRA, or if it gets reported on W2? I see a section for Traditional and Roth, but don’t see any for this.

Movement of funds between investments within the IRA are not reportable and do not result in the custodian issuing any Forms 1099-R. Forms 1099-R are issued by the custodian when you take money or property out of the IRA.  If you didn't take anything out of the IRA you won't get any Form 1099-R with respect to this IRA.

 

If you did take something out of the IRA, the custodian has until January 31 to issue the Form 1099-R.

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