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Generating qualified retirement savings contributions for Form 8880

SOLVEDby IntuitProConnect Tax6Updated July 13, 2022

In ProConnect Tax, when you make a contribution to a self-employed simplified employee pension (SEP) or a savings incentive match plan for employees (SIMPLE) IRA, the Form 8880 credit isn't taken.

However, when you enter the contribution as a traditional IRA contribution, the Form 8880 is allowed.

SEP and SIMPLE contributions generally aren't included on line 2

The IRS instructions state:

Include any of the following amounts on line 2:

  • Elective deferrals to a 401(k) or a 403(b) plan (include designated Roth contributions under section 402A), or to a governmental 457, SEP, or SIMPLE plan.
  • Voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan).
  • Contributions to a 501(c)(18)(D) plan.

These amounts may be shown in box 12 of your Form(s) W-2.

Contributions designated under section 414(h)(2) are treated as company contributions and as such, they aren't voluntary contributions made by the employee. They don't qualify for the credit and shouldn't be included on line 2.

How to generate SEP or SIMPLE contributions

  1. Under Input Return, go to Deductions.
  2. Select Adjustments to Income.
  3. Under section Solo or Individual 401(k), enter an amount in Total SE elective deferrals (except Roth).

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