Payroll Deferrals not matching with form 5498
A taxpayer has $5,200 deferred on W-2 box 12a Code F. Tax form 5498 for 2020 reflects $4,800 as SEP contributions. What is best way to rectify this?
A taxpayer has $5,200 deferred on W-2 box 12a Code F. Tax form 5498 for 2020 reflects $4,800 as SEP contributions. What is best way to rectify this?
Permalink Submitted by William Tuttle on Thu, 2021-08-19 21:02
The “pay date” of the deferral deduction determines W-2 reporting. The deposit date of the contribution determines 5498 reporting.