Two questions on how to report certain items.
1. A Payroll Deduction IRA. This IRA is not sponsored by our company, I just take out POST-tax and send into the company for the employee. SO it really sits in box 1 still. Do I need to note this somewhere on the W2 or just provide them with a total for 2010 and remind them to put on their 1040 to get the tax benefit of putting their post tax dollars in an IRA.
2. Premium Only play. We have this plan through Select Account where an employee can take their company insurance premiums out pretax. Do i report this tax savings on the W2?
Thanks so much in advance, I'm stuck on these two!
1. A Payroll Deduction IRA. This IRA is not sponsored by our company, I just take out POST-tax and send into the company for the employee. SO it really sits in box 1 still. Do I need to note this somewhere on the W2 or just provide them with a total for 2010 and remind them to put on their 1040 to get the tax benefit of putting their post tax dollars in an IRA.
2. Premium Only play. We have this plan through Select Account where an employee can take their company insurance premiums out pretax. Do i report this tax savings on the W2?
Thanks so much in advance, I'm stuck on these two!