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?

ANSWER

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.