topic My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2? in Retirement tax questions

My employer and I both contribute 3% to my IRA. Do I enter my contribution in the IRA questions separately from the portion entered from the W2?

aweers — Tue, 04 Jun 2019 19:54:40 GMT

Are you sure it is an IRA? And not a 401k or 403b?

Opus 17 — Tue, 04 Jun 2019 19:54:42 GMT

Are you sure it is an IRA? And not a 401k or 403b?

Your retirement contributions are in box 12 of the W-2. Y...

Carl — Tue, 04 Jun 2019 19:54:43 GMT

Your retirement contributions are in box 12 of the W-2. You enter the W-2 exactly as printed in the W-2 section of the program, and that is the only place you will enter that amount in box 12, and only that amount in box 12.

Unless the employer is actually making after-tax contribu...

Opus 17 — Tue, 04 Jun 2019 19:54:45 GMT

Unless the employer is actually making after-tax contributions to a private IRA (which would be unusual).

It is an IRA and the contributions are in box 12. But whe...

aweers — Tue, 04 Jun 2019 19:54:46 GMT

It is an IRA and the contributions are in box 12. But when the IRA questions came up, it didn't say not to enter there if it was an employer IRA so I wasn't sure. Thank you!!

It is NOT an IRA. What code is in box 12? You only r...

macuser_22 — Tue, 04 Jun 2019 19:54:47 GMT

It is NOT an IRA.     What code is in box 12?  You only report it on the W-2 and nowhere else.

If a code "D" then it is a 401(k) plan.
if code "AA" it is a 401(k) Roth plan - otherwise called a "Designated Roth".  That is type of 401(k) plans and NOT an IRA.
If a code "BB"  it is a 403(k) Designated Roth - also not an IRA.

If your employer is preparing the W-2 correctly, then you...

Opus 17 — Tue, 04 Jun 2019 19:54:49 GMT

If your employer is preparing the W-2 correctly, then your contributions are already subtracted from your box 1 wages, which reduces your tax. You don't enter them again anywhere, as that would result in a double deduction (and a bill from the IRS when they catch up next year).

My guess is an employer sponsored SEP IRA.

Carl — Tue, 04 Jun 2019 19:54:50 GMT

My guess is an employer sponsored SEP IRA.

Code is "S". Yes, I guess it's an SEP IRA. I just knew it...

aweers — Tue, 04 Jun 2019 19:54:52 GMT

Code is "S". Yes, I guess it's an SEP IRA. I just knew it was an IRA that my employer matched contributions on. Thank you guys! I thought that was the case but didn't want to miss out if I was mistaken. 🙂

SIMPLE IRA, not a SEP-IRA. Enter the code S amount only...

dmertz — Tue, 04 Jun 2019 19:54:53 GMT

SIMPLE IRA, not a SEP-IRA. Enter the code S amount only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

The employer contribution is not to be reported anywhere in TurboTax.

A 408(p) SIMPLE plan is still an employer sponsored retir...

macuser_22 — Tue, 04 Jun 2019 19:54:55 GMT

A 408(p) SIMPLE plan is still an employer sponsored retirement plan and not a Traditional or Roth IRA that you would make individual contribution to and enter in the IRA contribution section, your contribution are reported on your W-2.

Just enter your W-2, don't enter any separate contributio...

Opus 17 — Tue, 04 Jun 2019 19:54:56 GMT

Just enter your W-2, don't enter any separate contributions elsewhere in the program.