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New Member
posted Apr 12, 2023 4:23:20 PM

Should a SIMPLE IRA be filed under a Traditional IRA in turbotax, or should it be considered separately since it is both individual and employer funded?

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1 Replies
Expert Alumni
Apr 12, 2023 6:21:13 PM

A SIMPLE IRA is, as you know, not just an IRA. You can make contributions to it only if you have a Schedule C - a sole proprietorship.

 

On the "Let's gather your business info" screen (the very first one), at the bottom under "Less Common Business Situations", look for Self-employed Retirement. Step through the screens carefully, because SIMPLE IRAs and Keogh plans and SEPs are all together here.