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I opened a Solo 401(K) at the end of 2013 and already have an SEP-IRA for an LLC taxed as an S Corporation. Can I have both a Solo 401(K) and SEP-IRA? If so, how it is reported on the W-2 form?


The BIDaWIZ Team's Answer:

You can have a Solo 401(k) and SEP IRA in the same year. If the employer is contributing to the SEP IRA plan then do not include the contributions on your Form W-2, but check the "Retirement Plan" box in box 13. The Solo 401K amount of $17,500 should be treated as a deferral and included as part of your salary. It's included as part of your gross salary, medicare and social security wages and reported on box 12 with code D.

The BIDaWIZ Team



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