As a part of our payroll service to you, the Watson CPA Group will generate a W-2 and electronically submit the information to the IRS, state and local agencies. Throughout the year we ask you to estimate certain things such as self-employed health insurance premiums, HSA contributions, 401k deferrals, etc.
Now it is time to provide accurate year-end numbers so your W-2 is correct. Even seemingly innocuous things like 401k Roth deferrals are necessary even though they might not have an income tax effect on your W-2. Please enter the required information below.
This information is due by December 12, 2017. If we must amend your W-2 to make corrections because this information was untimely or incorrect, we must charge a $250 fee for the amendment. Yuck. Please don’t delay.
Just to re-iterate one more time, the figures below should be actual amounts paid in 2017. 401k plan contributions are due March 15 2018 (your business tax return due date), and SEP IRA contributions are due April 17 2018 (your individual tax return due date). We can extend the SEP IRA deadline to October 15 2018 with an extension of your individual tax return (it is the only IRA allowed to be extended).