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MeMyselfandI1012
July 12, 2022
Question

Reversed paycheck in prior year with 401k contributions

  • July 12, 2022
  • 1 reply
  • 0 views

I am having a moment. 

We had an employee repay back and overpayment. In this check there was a 401k deduction. Our payroll department (internally) voided this check in it's entirety. The 401k contribution is credited to our account. So my question now is, when amending the W2 and 941, do I increase the FIT taxable wages? I keep wanting to say yes, but I didn't want to assume. 

 

Please advise. 

1 reply

M
MirriamM
July 13, 2022

Hello there, @MeMyselfandI1012.

 

Correcting your previously filed W2 and 941 forms is my top priority. However, to ensure that there's a need to increase the FIT taxable wages, I suggest consulting your accountant. They can lead and provide info on the best thing you'll need to do. 

 

If you don't have one, we can help you find someone to help you. You may use our Find an Accountant tool to locate accountants based in the US.

 

Once everything is verified, here are some helpful articles for your guidance in amending your form:

 

You may also generate a payroll summary report to see your payroll totals, including employee taxes and contributions.

 

Feel free to let me know if you have further questions or concerns. You can always reach out to the Community or me anytime you need a helping hand. Take care!

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