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S Corp solo 401K contribution and 941

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    #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.
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    #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

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      #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.
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