thepensionmaven Posted February 28, 2020 Posted February 28, 2020 Participant W2 as follows: boxes 1,3,5 53,140.23 Roth deferral 1,840 Is not the Roth deferral contained in the above?? Accountant adding the Roth deferral to the above. Plan definition of compensation W-2 plus all deferrals. Which calc is correct?
bzorc Posted February 28, 2020 Posted February 28, 2020 I would think the Roth deferral is included in Box 1,3,5, since it is an after tax deduction. rr_sphr 1
BG5150 Posted February 28, 2020 Posted February 28, 2020 Time for a new accountant... QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Larry Starr Posted February 28, 2020 Posted February 28, 2020 6 hours ago, thepensionmaven said: Participant W2 as follows: boxes 1,3,5 53,140.23 Roth deferral 1,840 Is not the Roth deferral contained in the above?? Accountant adding the Roth deferral to the above. Plan definition of compensation W-2 plus all deferrals. Which calc is correct? The Roth deferral is after tax (we all know that). The income that was deferred was paid to the employee in his paycheck and then deferred; therefore, it needs to be in the taxable income reporting in box 1, 3, 5. Are you saying that the accountant it double counting the Roth contribution somewhere (where?) by adding that amount AGAIN to the stated amounts in Box 1? Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
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