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Level 2
posted Mar 29, 2022 8:59:04 AM

SIMPLE contributions...if they were entered with W2 info do they also get entered under the "Self Employment Retirement Plans" section when it asks if I made a SIMPLE contribution?

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3 Replies
Expert Alumni
Mar 29, 2022 9:16:52 AM

No. Don't enter the contributions again in TurboTax If they were already reported on your W-2.

Level 2
Mar 29, 2022 1:45:46 PM

Sorry...sure it will seem like I am being "picky" or whatever but just want to be sure I get it RIGHT and SURE that my question was understood completely.

 

So I entered the SIMPLE contributions when entering the W2 info because there was indeed SIMPLE info on my W2.  But then when I am going through the "Business Deductions and Credits" section and come to subsection in there dealing with "Self-employment Retirement Plans" it asks "did I make a 2021 self-employment retirement contribution?".  So just confusing as my first instinct is to answer this yes since I did make contribution(s) in 2021.

 

But if the prior answer did completely understand my question then I DO NOT say "yes" to this question - right? 

Expert Alumni
Mar 29, 2022 2:30:18 PM

That is correct, you answer NO to the self-employment question since you have already entered your contributions from your W-2.     In that section, you only need to enter SEP IRA contributions made through self-employment work.   If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return.    

 

That section, Business Deductions and Credits, only affects those filing a business return, such as Schedule C or Schedule F.    Employees reporting wages and income from form W-2 will see their deductible contributions on their W-2.    As long as you have entered your W-2, you can be sure your contributions will be reported correctly on your tax return.