topic Re: IRA deduction in Retirement tax questions

IRA deduction

maestro777 — Mon, 29 Mar 2021 15:44:54 GMT

I have a payroll deduction into a simple IRA. Where do I claim that?

Re: IRA deduction

macuser_22 — Mon, 29 Mar 2021 15:56:54 GMT

If you are an employee then it should already be reported in box 12, code S, on your W-2. You do not report it anywhere else.

Re: IRA deduction

MinhT1 — Mon, 29 Mar 2021 15:59:04 GMT

Your contribution to your Simple IRA has already bee deducted from your taxable wages reported in box 1 of Form W-2. It is automatically excluded from taxation.

You do not have to claim it elsewhere on your tax return.