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The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed. This contribution is called an elective-deferral or salary-reduction contribution.
It's hard to tell what the issue is without knowing more about your return. You may have rolled over from a previous employer into the SIMPLE IRA of your present employer. Taxpayers are now permitted to roll assets from traditional and SEP-IRAs, as well as from employer-sponsored retirement plans such as a 401(k), into a SIMPLE IRA, provided that the plan has existed for at least two years.
If you attempted to rollover into your present Simple plan, contact your employer or the plan's administrator.
New contributions to your SIMPLE are accounted for on your W-2 in Box 12 with Code S. Code S is used for employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in Box 1).
Let us know if you need any more help in the comment section.
The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed. This contribution is called an elective-deferral or salary-reduction contribution.
It's hard to tell what the issue is without knowing more about your return. You may have rolled over from a previous employer into the SIMPLE IRA of your present employer. Taxpayers are now permitted to roll assets from traditional and SEP-IRAs, as well as from employer-sponsored retirement plans such as a 401(k), into a SIMPLE IRA, provided that the plan has existed for at least two years.
If you attempted to rollover into your present Simple plan, contact your employer or the plan's administrator.
New contributions to your SIMPLE are accounted for on your W-2 in Box 12 with Code S. Code S is used for employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in Box 1).
Let us know if you need any more help in the comment section.
you should be able to access your account to see your balance and activity.
OR,
Wait for Form 5498 which will be mailed to you.
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