tip income and 401k contributions


B

B Wall

I work in a casino in a tipped position. I have been
putting 15% of my income into a 401k account, this has
included my wages and tips. The casino was recently sold and
the new owner does payroll differently. They now put 15% of
my wages into the 401k, but not any of my declared tip
income. When I asked why my tips were not included in my
401k contibution I was told that they couldn't "because of
taxes". This makes no sense to me as the previous owners did
it. I do not have any other retirement plan and my wage is
very small. I need to set aside more for my retirement.
Does anyone know where I can find the information about tip
income and 401k contibutions. I want to try to negotiate
with my employer to see if they will reconsider their stand
on tip income contributions, but I need solid facts or IRS
rulings to back me up. Many casino employees are in tipped
positions, and all of us are in the same boat at this
casino.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Tip income 1
Tip income 0
Tip Income 9
401K contributions 4
excess 401k contribution 3
ADP Payroll and tip income 7
401k excess contribution refund 3
401K Married Contribution question 8

Top