Solo 401K and W2 Reporting

Hi, 

I am doing my first year of Solo 401K, and I have questions about how to report that on W2 through square payroll. 

 

1. I did not find solo 401K as option for square payroll reporting. Does it fall into category of just 401K? 

2. Solo 401k has two contributions. 1 = employee contribution/ elective deferral. 2 = employer contribution/ profit sharing. Which of these should go on W2 as benefits? 

3. Are these contributions supposed to count in box 1 of W2? 

4. Also here is the slightly off topic questions, but in case if anyone knows. I have my solo 401K under Vanguard, but they let me transfer from one bank. Am i supposed to contribute both employee and employer contributions from one account or two separate accounts? I assume they should come from different accounts but just wanted to double check. 

 

Thank you for your time and knowledge in advance. 

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We aren't able to provide tax advice, and recommend consulting a tax professional if other sellers aren't able to provide some tips here in the Community, @nxy. I also want to point you over to this great resource we have about W-2s - it should get you pointed in the right direction!

According to that page: Box 1: Wages, tips, and other compensation — Total calendar year taxable wages, tips, and other compensation paid to the employee.

Also see: Box 12 D—Elective deferrals to a section 401(k) cash or deferred arrangement. Also includes deferrals under a SIMPLE retirement account that is part of a section 401(k) arrangement.

Also see: Box 12 AA—Designated Roth contributions under a section 401(k) plan.

Valentina
Community Moderator, Square
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