Regarding 408p SIMPLE, do I include my employer's contribution to "your total 2024 traditional IRA contribution"?

[pmazzara1]

On 12a of my W-2 my employer contributed $1832 to my 408p SIMPLE plan. This was deducted from my total wages and entered in line 1. My retirement statement shows I added $3760 to my SIMPLE plan which includes the employer contribution. What do I enter under "your total 2024 traditional IRA contribution"? Do I include the amount my employer contributed or subtract that from the $3760?

[dmertz]

"On 12a of my W-2 my employer contributed $1832 to my 408p SIMPLE plan. This was deducted from my total wages and entered in line 1."

The amount shown in with code S in box 12 of your W-2 is your employee elective deferral, not the employer's contribution.  Your retirement account statement shows the total of the additions made by both you and your employer.

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

The employer contribution goes nowhere on your tax return.

Nothing about these contributions is to be entered anywhere under Deductions & Credits.

[pmazzara1]

Thanks so much for the reply.  Now that I understand what the figure in box 12 represents and know the total amount contributed to my account, what do I enter under "your total 2024 traditional IRA contribution".  Do I include the contribution from my employer?  Thank you.

[VolvoGirl]

You only enter it from the W2, nowhere else.  Not under Deductions as a IRA Contribution.  Your IRA at work is a different kind of IRA than a personal Traditional IRA you can deduct.   

[pmazzara1]

Sorry, maybe I'm being dense but now I'm really confused.  Dmertz said that the figure on the W2 is my employee elective deferral but I think you are saying that the figure on my W2 is my contribution from my employer.  So, again this is what I have....line 12 of W2: $1832;  total contributions to my SIMPLE plan: $3760.  I can deduce that the total contributed ($3760) is the sum of my contribution and my employer's contribution to the plan.  So what do I put in TurboTax when it asks for "total 2024 IRA contribution"?  Do I entire $3760, $1832 or  $1928 ($3760-$1832)? Thank you.

[dmertz]

"but I think you are saying that the figure on my W2 is my contribution from my employer."

I don't think VolvoGirl said anything like that.  She appears to be agreeing with what I said.

[VolvoGirl]

@pmazzara1   Where  is it asking you for total 2024 IRA contributions?  You put 0 zero, unless you also made regular IRA contributions outside of work.  The Simple IRA at work is different than the IRA you set up at the bank or an investment company.