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ira contributions
Reviewing my deductions and credits. I see entries for IRA contributions and self employed or simple. I maxed the IRA contribution and the self employed or simple shows same amount. It looks like I'm taking a double deduction ?
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ira contributions
Which did you contribute to? IRA contributions are entered in Deductions and Credits.
Employee contributions to a SIMPLE IRA plan are not deducted by participants from their income on their Form 1040. If you participated in a SIMPLE IRA plan through your employer, the amount contributed into the plan is already excluded from your Gross Income (Box 1 of W2) for Federal Withholding purposes. It is only considered as income for Social Security and Medicare withholdings. When you enter the information from your W2 (Box 12, Code S) into TurboTax, the program will maximize your return according to the type of contributions you have made throughout the year.
Your SIMPLE IRA contributions do not count towards your Traditional IRA contribution limits.
However, a SIMPLE IRA counts as an Employer Sponsored Retirement Plan, so the ability to make a Deductible IRA Contribution phases out at certain income levels depending on your filing status.
You can check out the TurboTax FAQ below for more information on Deductible IRA Contributions: FAQ
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ira contributions
It is entered a self employed 401k and there is nothing entered for a SEP or Simple. But when reviewing my credits and deductions there is an entry under IRA contributions For $$$$ and the same amount is showing up as Self Employed SEP or Simple
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ira contributions
The solo 401-K shows up on line 15 of form 1040, SEP/Simple and qualified plans. The IRA contribution shows up on line 19. If you have entries in both boxes, then you would add them together to get your total deduction.
So, from what you said it looks like you doubled up your contribution.
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