Nassau Posted July 16, 2010 Posted July 16, 2010 My client, found that a participant's pre-tax contributions have been submitted to us by the client as After Tax Monies. For the past 4 to 5 years she has all After Tax money in her account. Due to this, she has not received any match. What are the steps to correct this? The client will change the way they submit her information to us. But we need to move the money from the After Tax Source to the Pre tax Source and also give her the match and any earnings. What needs to be done with her w-2 and yearly personal taxes?
12AX7 Posted July 16, 2010 Posted July 16, 2010 By your question, it's not entirely clear if the deductions were made pre-tax or after-tax. If the deductions were made after-tax, are you asking if these amounts can be retroactively classified as pre-tax and possible amend W-2s etc.?
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