employers contribution to 403b

by Melissa
(SC)

I am preparing W-2s for the pastors in QuickBooks and it is NOT including the Employers 403B contribution in box 12 on the W-2. Is this correct? It is including the employees contribution but not the employers.

Comments for employers contribution to 403b

Click here to add your own comments

Jan 19, 2020

Employer contributions to 403b plan are not reported on the employees w-2
by: Vickey

A 403b is a nonprofit's equivalent to a for-profit's 401k. Basically they are treated the same...tax and reporting wise.

You can read more on the difference here: https://www.investopedia.com/ask/answers/100314/what-difference-between-401k-plan-and-403b-plan.asp

You can do a search on "employer contributions to 401k plan are not reported on the employees w-2," and find several articles that state... only the employee's contributions are reported on their W-2...not the employer's matching contribution.

See this article:
https://money.stackexchange.com/questions/13444/are-401k-employer-match-amounts-subject-to-fica-or-any-other-tax

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Minister's W-2.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

Share this page:

What’s this?

Facebook

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

Click on the HTML link code below.
Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.