Jakyasar Posted October 10, 2023 Posted October 10, 2023 Hi Question for 401 gurus. Non-HCE participant deferred $8,000 on 2022 w-2 (1,000 per paycheck) and terminated after 8 paychecks. Just found out that they deposited another $1,000 without a paycheck i.e. $9,000 was deposited during 2022. As only $8,000 was on the w-2, how is this corrected? Earnings are pennies as all invested in cash. Thanks
Popular Post Brenda Wren Posted October 10, 2023 Popular Post Posted October 10, 2023 Technically, it's an employer contribution. Move it to the forfeiture account, if recordkeeper will let you. If entitled to other employer contributions, move to another source. Jakyasar, Bill Presson, Bri and 2 others 5
pmacduff Posted October 10, 2023 Posted October 10, 2023 just curious - if this was a NHCE, how on earth did they deposit the additional $1000 without it going through payroll?
Lou S. Posted October 10, 2023 Posted October 10, 2023 Someone probably copied the prior payroll without checking the current one. Bill Presson, PMZJohn and Mr Bagwell 3
Mr Bagwell Posted October 10, 2023 Posted October 10, 2023 32 minutes ago, Lou S. said: Someone probably copied the prior payroll without checking the current one. And then clearly the employer is not balancing the books, because the extra 1000 should stick out like a sore thumb!!
Jakyasar Posted October 10, 2023 Author Posted October 10, 2023 Sometimes you miss it if you are making a lot of dough. I will suggest Brenda's approach.
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