employer included both taxpayers contributions and the employer contributions on line 12 under code D this not correct right
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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.
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.
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.
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.
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