Employer contributions to 401k plan are not reported on the employees w-2, correct.

Forum|Forum|7 years ago
June 6, 2019
2 replies
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employer included both taxpayers contributions and the employer contributions on line 12 under code D this not correct right

TurboTax Deluxe Windows

Best answer by dmertz

Expert Reviewed

Only your elective deferrals to the 401(k) are to be reported with code D in box 12 of your W-2. Employer matching or profit sharing contributions are not to be reported on your W-2. Your employer should not be treating as elective deferrals any amount that you did not ask to be deferred from your paycheck.

dmertzAnswer

Level 15

Expert Reviewed

vtichy

Level 2

I have solo 401k contribution that I include on my W2. I understand employer profit sharing contribution is not included on W2. That being said, do we deduct the employer share on the personal income tax form, or on the business form. I believe it would be the business form, but checking to be sure. Thanks.

dmertz

Level 15

vtichy, the fact that you receive a W-2 from the company implies that you have an S corp. The deduction for the employer contribution is taken on the S corp's tax return.