SIMPLE IRA 2022 Contribution
Good afternoon, client of ours set up a SIMPLE last year as a self-employed individual. She contributed $14,000 which should have been a combination of employee and employer contributions. The accountant recorded the contributions as $14k employee and $1k employer. Is amending the only answer to fix? Thank you.
Permalink Submitted by Alan - IRA critic on Thu, 2023-10-26 19:38
The combined 15k of SIMPLE IRA contributions should be reported on line 9 of Form 1040 Sch 1, and if so there is no need to amend the return.