Discussion:S Corp SEP question

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Revision as of 19:43, 13 January 2007
Deback (Talk | contribs)
(Yes, 0 in box 1.)
← Previous diff		 Revision as of 23:00, 14 January 2007
Umk395 (Talk | contribs)
(Obviously, your)
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{{ForumReplyPost|UserID=Deback|Date=January 13, 2007|Text=Yes, 0 in box 1. Yes, check the ret plan in box 13. Do as D&T said for the other boxes. Box 14 should be blank.}} {{ForumReplyPost|UserID=Deback|Date=January 13, 2007|Text=Yes, 0 in box 1. Yes, check the ret plan in box 13. Do as D&T said for the other boxes. Box 14 should be blank.}}
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 +{{ForumReplyPost|UserID=Umk395|Date=14 January 2007|Text=Obviously, your wages would need to be greater than $8,000 in order to withhold the employee portion of FICA taxes. You need to also enter the $8,000 in box 12 with "D" (stands for "deferral").}}

Revision as of 23:00, 14 January 2007

Discussion Forum Index --> Tax Questions --> S Corp SEP question

SunGod (talk|edits) said:

13 January 2007
Hi -

I own a small S-Corp. Last year (2006) I took wages of $8k, and $0k via distributions. I opened a solo 401(k) on 12/29/06 with a $8k employee contribution, and $1.6k in employer contribution (20% of $8k). I understand that the employer contribution of $1.6k will reduce my K-1 income. How do I report my contribution of $8k. Do I prepare a W-2 with $0 in box 1 (Wages, tips, other compn), check the retirement plan in box 13, and report $8k in box 14? Thanks!

Death&Taxes (talk|edits) said:

13 January 2007
Box 12 I think, and coded D, but you have the idea. Of course, Fica & Medicare wages are 8K

Deback (talk|edits) said:

January 13, 2007
Yes, 0 in box 1. Yes, check the ret plan in box 13. Do as D&T said for the other boxes. Box 14 should be blank.

Umk395 (talk|edits) said:

14 January 2007
Obviously, your wages would need to be greater than $8,000 in order to withhold the employee portion of FICA taxes. You need to also enter the $8,000 in box 12 with "D" (stands for "deferral").
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