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thabubs
New Member

Checking for 401k limits on W2

My employer was acquired so I have two W-2s this year. I want to make sure I'm not over the $23,000 limit for contributions, but I'm getting mixed information.

On my two W-2s the sum of box 12, code D is less than $23,000. Which seems great. But if I check my transactions and contributions across both 401ks it is a little bit higher than $23,000. But maybe I'm reading them wrong. I am just checking for employee contribution transactions and ignoring matching, safe harbor, etc.

 

If my W-2s 12D reporting doesn't break the $23,000...am I good? 

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1 Reply

Checking for 401k limits on W2

I'm guessing you should be OK, as long as they don't issue a Corrected, W-2C to you in the next couple months.

 

Sometimes contributions made with the final year's paycheck don't get recorded as being made until the next year because of some final year-end accounting the company is using.   That could be the difference. 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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