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W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

Hi, when doing final checking on my tax filing, I just realized my W-2 box 1 amount is the same as box 3 and 5 even i made significant 401k contribution.

I checked my pay stub and the amount in box 1 is my gross pay, which does not deduct my 401k contribution.

it seems to be an error.  would like to hear advise/suggestions on what i should do.  It is too late to ask my payroll on this since the filing deadline is Monday.  Shall I just use the incorrect W-2 to file first and correct later?

many thanks

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2 Best answer

Accepted Solutions
FangxiaL
Expert Alumni

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

Check your W-2 form Box 12 to see what is the code for your 401(k) contribution first.

 

Your 401(k) contribution is reported in Box 12 with code D if you contributed to a regular 401(k) account, and Box 1 excludes the contribution. In your case, your Box 12 code should be AA, indicating that you contributed to a Roth 401(k) instead of a regular 401(k). Roth 401(k) contributed is not tax-deductible, that may be why the boxes 1, 3, and 5 are the same.

 

If your plan is to save tax dollars by contributing to your 401(k) account, make the switch. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
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View solution in original post

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

Make sure it's a 401k and not a ROTH 401k.   (Make sure you are not in some state's Auto IRA program either...those may not be on a W-2 at all..or maybe in box 14 as "Information Only")

 

Is the contribution amount shown in box 12?   IF so, what is the box 12 code?

_____________________________________

IF not an Auto-RA program   and  If not a ROTH 401k, then yeah, you'll need a corrected W-2.....wich could take a few weeks.

 

Chioces

1) go ahead and file as-is.  You'll have a tax calculation than is higher than it really is supposed to be, and perhaps be required to pay extra with the filing............ but, after the first filing has been processed, by IRS and State you would then "Amend" in a couple months, to enter the W-2C and get some refund for the extra you paid.

or

2) File a Federal and State extension....pay any extra owed with the extension forms  (if they do show a balance due), even if not quite right.....then file the final tax forms before mid-October.

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

View solution in original post

4 Replies
FangxiaL
Expert Alumni

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

Check your W-2 form Box 12 to see what is the code for your 401(k) contribution first.

 

Your 401(k) contribution is reported in Box 12 with code D if you contributed to a regular 401(k) account, and Box 1 excludes the contribution. In your case, your Box 12 code should be AA, indicating that you contributed to a Roth 401(k) instead of a regular 401(k). Roth 401(k) contributed is not tax-deductible, that may be why the boxes 1, 3, and 5 are the same.

 

If your plan is to save tax dollars by contributing to your 401(k) account, make the switch. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

Make sure it's a 401k and not a ROTH 401k.   (Make sure you are not in some state's Auto IRA program either...those may not be on a W-2 at all..or maybe in box 14 as "Information Only")

 

Is the contribution amount shown in box 12?   IF so, what is the box 12 code?

_____________________________________

IF not an Auto-RA program   and  If not a ROTH 401k, then yeah, you'll need a corrected W-2.....wich could take a few weeks.

 

Chioces

1) go ahead and file as-is.  You'll have a tax calculation than is higher than it really is supposed to be, and perhaps be required to pay extra with the filing............ but, after the first filing has been processed, by IRS and State you would then "Amend" in a couple months, to enter the W-2C and get some refund for the extra you paid.

or

2) File a Federal and State extension....pay any extra owed with the extension forms  (if they do show a balance due), even if not quite right.....then file the final tax forms before mid-October.

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

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

thanks so much.  Yes it is AA, roth contribution.  forgot i can still make roth contribution in employee 401k since my income is not eligible anymore.

W-2 box 1 amount same as box 3 and box 5 despite 401k contribution

thanks a lot!  Yes it is AA, roth contribution.  forgot i can still make roth contribution in employee 401k since my income is not eligible anymore.

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