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Showing results for tags 'w2'.
Found 4 results
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2 S corps own a medical practice as a partnership Each S Corp receives distributions and a K-1 from the practice which 100% of the distributions are invested back into the practice Each S Corp pays the owners W2 salaries Do I use only the W2 compensation (paid by the S Corps) for retirement plan purposes, or do I have to add in the K-1's that the S corps receive regardless of it being given back to the practice?
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Someone outside of my organization presented this question and am trying to help. The company contributes to an Health Savings Account (HSA) for its retirees. The retirees are not paid on their payroll system and do not receive a W2. A 3rd party processes the payments and produces a 1099 for the retiree payments. The questions are: 1. How will this contribution reported to the retirees? The information should be included on the HSA administrators statement to employees. 2. Do they need to create a W2 which reports only the Employer contribution to the HSA in Box 12W? The employer contribution is not taxable to these employees, as they are not located in any state which taxes employer HSA contributions. Your guidance and assistance is appreciated. -
I have a take over plan that is a single member LLC that is taxed as a sole prop. The owner pays himself W2 wages in payroll throughout the year and then also files a Schedule C reporting his net income. For plan purposes, is his compensation W2 or Schedule C or a combination of both? Everything I have found states you cannot pay yourself W2 wages when you are a Schedule C filer, however this is how the CPA is doing it. -
Hello all. I have very interesting case in which partners receives K-1 which is in negative means he incurs loss but he has positive W2 payment. Thus to calculate his plan comp. should i negate the negative K-1 from his W2.?
