S Corp solo 401K contribution and 941

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • equinecpa
    Senior Member
    • Mar 2006
    • 578
    #1

    S Corp solo 401K contribution and 941

    Client a sole s corp shareholder opted to fund their 401K in the last quarter. They made an employee contributiion of $10,000 into thier 401K. Their wages taken for the 4th quarter were only $6000. Do I need to amend the 3rd Q 941 wages to account for this 401K contribution?

    I should mention they funded the contribution from personal funds, so this wouldn't be an additional wage.

    I presume they should have had the 401K contriubtions withheld from wages and then they wouldn't be in this predicament, but it was a last minute decision.
    Last edited by equinecpa; 01-13-2020, 03:38 PM.
    Tags: None
    • Brian EA
      Senior Member
      • Dec 2005
      • 786
      #2
      Why amend the 3rd Q? Add the wages to the 4th qrt and include the income in this qrt. Let the S Corp fund 50% of the contribution.
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

        Comment

        • kathyc2
          Senior Member
          • Feb 2015
          • 1945
          #3
          Amending a 3rd quarter return to reflect something that did not happen in that quarter is dangerously close to filing a false return in my opinion.

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...