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Remove Checkmark into the Retirement Plan

Remove Checkmark into the Retirement Plan

Aug 6th, 2022

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What does W 2 Box 13 mean?

Form W-2, Box 13 The Retirement plan indicator in Box 13 shows whether an employee is an active participant in your companys plan.

Does employer 401k match show up on W-2?

The employer reports elective deferrals on the participants Form W-2, Wage and Tax StatementPDF. Although these amounts are not treated as current income for federal income tax purposes, they are included as wages subject to social security (FICA), Medicare, and federal unemployment taxes (FUTA).

What does each box on W-2 mean?

Box A: Your Social Security number appears here. Box B: This is your employers unique tax identification number or EIN. Box C: This identifies the name, address, city, state and zip code of your employer. The address may show your companys headquarters rather than its local address.

What is Box 13 third party sick pay?

Third Party Pay is generally payments made by a third party for sickness, disability pay, etc. This box is only checked if the payments were made by a third party (insurance company) and not the employer.

What is a qualified pension plan in Quickbooks?

A qualified retirement plan is an employers plan to benefit employees that meets specific Internal Revenue Code requirements. These plans may qualify for special tax benefits, such as tax deferral for company contributions. Your contributions may also qualify for tax deferral.

Does W-2 show retirement contributions?

Your elective contributions may also be limited based on the terms of your 401(k) plan and are reported as an information item in box 12 of your Form W-2. Refer to Publication 525, Taxable and Nontaxable Income for more information about elective contributions.

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