W2 question

[ifonlyIknew]

I'm hoping someone can help me with this question.

The reported salary on my w-2(box 1) appears to be 3,000 lower than my actual salary. Could this be just an error? Are my 401k continutions deducted from box 1(wages, tips)?

Thanks

[jIM_Ohio]

ask your payroll department

[ifonlyIknew]

Thanks jim..they're not open on the weekends...

My question is whether retirement contributions are usually deducted from box 1. I don't think so, but wanted some input from others.

[kork13]

Originally Posted by ifonlyIknew

My question is whether retirement contributions are usually deducted from box 1. I don't think so, but wanted some input from others.

Yes, they can be. At least on my W-2, it shows my total taxable income, less my pre-tax retirement deductions (and reported in box 12). Your company may do it slightly differently, but if you have contributed ~$3k to your retirement plan this last year, that would be a reasonable explanation.

If there really is an error, talk to your payroll dept on Monday and they can re-issue a corrected W-2.

[msduckland]

yeah it shouldnt be a problem to sort out

[MonkeyMama]

YEs, 401k deductions would be deducted.

[cicy33]

There are two places on your W2 for the amount of your wages. One is regular wages and one is listed I think as Social Security Wages. The first one can be smaller if you had deductions that lowered your taxable income. Like a 401K or something. Usually the difference is listed in box 12. (i think that is right box)