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I have a client who files an 1120S and wants to contribute to his solo 401k. His W-2 has already been filed and there is no reference to his elective deferral on it. Is this contribution something that would have needed to be declared with his payroll company before year end or can the W-2 be amended now? He fired his payroll company and they're not willing to discuss this with him. Is there any way to accomplish this without amending the W-2? How would this be presented on the 1120S? Appreciate all of your guidance.
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Is there a Plan already set up, or is this all new for him? It isn't just an account.
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It's a new client. He tells me that the plan is in place, but I don't that there were any contributions in at least two years.
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It's too late for the employee to make any 2023 contribution.
The employer can make the "profit sharing" safe harbor contribution up to the business tax return filing due date.
Google:
employer solo 401k nonelective contribution
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