What is the timeline for an employer depositing employee 401(k) deductions?
155484
The "as soon as administratively feasible" rule really means as quickly as they make payments to healthcare and other providers, but in NO case should it be later than the 15th of the month following the month in which the deductions are taken.  \n\nA violation of this is CERTAINLY enforceable for corrective action.  Withholding for 5 months (even if they eventually make the deposit) is HIGHLY illegal and is a hot topic at the DOL.  There is nothing worse than a DOL audit.  REPORT THEM.\n\nGood luck!\n\nPS- this is often a sign that a company is in serious financial difficulty.  You may want to consider applying elsewhere immediately.
787089
Actually one little correction. The employer is required to have them mailed by January 31st. The employee doesn't necessarily have to have them in their hands by the 31st. As long as they are postmarked January 31st, the employer is ok.
562118
Basically, You have to pay the tax plus a 10% penalty\nTopic 424 - 401(k) Plans\n\nA section 401(k) plan is a type of tax-qualified deferred compensation plan in which an employee can elect to have the employer contribute a portion of his or her cash wages to the plan on a pre–tax basis. These deferred wages (commonly referred to as elective deferrals) are not subject to income tax withholding at the time of deferral, and they are not reflected on your Form 1040 (PDF) since they were not included in the taxable wages on your Form W-2 (PDF). However, they are included as wages subject to social security, Medicare, and federal unemployment taxes. \n\nThe amount that an employee may elect to defer to a 401(k) plan is limited. Therefore, your elective contributions may be limited based on the terms of your 401(k) plan. Refer to Publication 525, Taxable and Nontaxable Income, for more information about elective deferrals. Employers should refer to Publication 560, Retirement Plans for Small Business, for information about setting up and maintaining retirement plans for employees, including 401(k) plans. \n\nDistributions from a 401(k) plan may qualify for optional lump–sum distribution treatment or rollover treatment as long as they meet the respective requirements. For more information, refer to Topic 412, Lump–Sum Distributions, Topic 413, Rollovers from Retirement Plans, and Topic 555, 10–Year Tax Option for Lump–Sum Distributions.\n\nMany 401(k) plans allow employees to make a hardship withdrawal because of immediate and heavy financial needs. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions. \n\nDistributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax unless an exception applies. For more information about the treatment of retirement plan distributions, refer to Publication 575, Pension and Annuity Income.
1022786
Invest in your companies 401K plan. If they match your contribution, they can double your money right away.  Ask you HR person for details.
867790
According to the IRS.....\nhttp://www.irs.gov/newsroom/article/0,,id=108331,00.html
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A 401(k) plan is a company-sponsored qualified retirement plan for employees. Contributions and earnings in a 401(k) plan are not subject to federal and most state income taxes until the funds are withdrawn. A 401(k) plan allows you to save money on a pretax basis, and most employers will contribute matching funds to make the plan even more lucrative. Usually you will have the option to decide how much you contribute (up to the maximum allowed by the government) and where you will invest your contributions (from a list of funds provided by your plan sponsor).\n\nOnce you are eligible to start participating in your company’s 401k plan, you will be given a list of funds in which you can invest. You can invest a maximum of $14,000 in your 401(k) plan in 2005 and $15,000 in 2006. If you are over the age of 50, there is a catch-up amount you can invest in addition to the maximum for each year.\n\nYour contributions will be deducted from your paycheck before taxes are withheld. \n\n\n\nIf you’re lucky enough to work for a company that provides the benefit of a company match, it’s like earning free money. Enroll in your employer’s 401(k) plan, and then contribute enough to earn your employer’s maximum matching 401(k) contribution. Like I said, it’s free money!\n\nBefore your 401(k) plan money earns the first dollar of interest, you’ve already had a 100 percent growth if your employer matches you dollar-for-dollar. Even if the match is only 50 cents on the dollar, that’s still an instant 50 percent growth, guaranteed! You can’t get that kind of growth anywhere else.\n\nEach company has a vesting schedule, and it is to your benefit to understand exactly when you will become vested. The vesting schedule outlines how much of the company matching contributions and earnings on those contributions you own at any given time. If you leave the company before you are fully vested, you will lose some of the money in your plan.
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The only things you would HAVE to do are payroll taxes, and that's only if you have employees, and a sales tax return.\n\nThis is for most cases, yours may be a bit different depending on how you file.\n\nFor your payroll taxes, you will need to do:\n\n1) 941 deposit, which is due on the 15th of the following month.  This should include the FICA and medicare amounts withheld from your employee's checks along with the matching employers contribution and federal withholding, which you do not have to match.\n\n2) A state tax deposit for the amount of state taxes withheld from your employee's checks.\n\n3) Form 941 (which is completed quarterly and is due on the last day of the following month.  In some cases, your 941 deposit can be made with the form 941, but you would need to be a quarterly depositer.\n\n4) A FUTA deposit (also quarterly) which will be for the amount of federal unemployment taxes for the quarter.  This is paid by the 28th day of the following month.  Some poeple pay this at the end of the year with their form 940, which must be filed by Jan 31 of the following year.\n\n5) Whatever form your state's department of labour requires for your SUTA taxes.  This is usually a quarterly report due by the last day of the following month.\n\n6) You may also have a quarterly state tax withholding form as well.\n\nSales Tax reports vary from state to state, but are usually filed monthly.  Some areas will allow you to file quarterly, or even yearly.\n\nMost businesses also prepare a monthly set of financial statements, but I don't know of any state that requires this to be done.  It is, however, quite useful to the business owner to be able to see how and where your money is coming from and where it is being spent.\n\nFinancials will usually consist of 1) an income statement 2) a balance sheet 3) a statement of owners equity 4) a bank reconciliation report for each of your bank accounts 5) a cash flow reprot and sometimes 6) a proof of cash statement.\n\nI know this isn't terribly useful, but without knowing specifically what state you're in and how you are required to file, it's not possible to give absolute answers.  If you have any questions, please feel free to contact me.
1149314
If you do you will incur penalties for early withdrawal!! You must contact the company you have your 401k to arrange it. If you do not know ask your employer
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Contact your employer. By law they have to give you one even if they sent it out by Jan31. If they do not give you a copy call the IRS 1 800 829 1040. You have to give your employer a chance to give you a copy first.
446719
401(k) have a maximum amount of contribution so you would have to check what is that amount. And Im not sure if you can contribute a lump sum. I know that if you have a traditional IRA, you have until April to put in any last minute contributions for 2005, so probably the same can be done.\n\nAs for legal ways to reduce your tax, I mean if you itemized and have your own property, you can deduct the real estate taxes and mortgage interest paid in the property. Also you can deduct medical expenses, charitable contributions, union dues, tax preparation fees, unreimbursed employee expenses. If you live in state where there is a sales tax, you can deduct such amount either by entering the exact value of sales tax you paid or using the IRS tables to calculate an amount. Also if you recently bought any vehicle or boat in 2005, you can also deduct the sales tax on that purchase. \n\nWhat else, oh yeah, if you live in area that was affected by the hurricanes, an area that has been designated by the IRS as a disaster area, you can take other several deductions that can help you out. \n\nIf you have any student loans, you can deduct the interest on those loans. Or if you still go to school, you can deduct the tuition expense.\n\nIf I knew a bit more info on you I could probably help you out more.\n\nHope this helps!
1125529
Some employers will match a portion of your 401K savings.  Y ou can't do that with an IRA
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One question per customer....lol\n\nForce yourself to save by taking money out of your account or check automatically.  Your 401k (if you have one) can accomplish that. So can automatic deductions for mutual funds (say $50 a month).\nTake the money out first and you'll not be able to spend it!!!
828495
Because the money that is being deposited is withheld from employees pay. It is not money that belongs to the employer any longer and the IRS does not want the business doing anything to put money at risk that is not theirs.
286019
If you have given them reasonable amount of time to get it to you then you should call the IRS at 1 800 829 1040. Do not call before Feb 15. you might have to go by your last check stub and file a form 4852 a substitute for form w-2
612238
First of all, check if you actually have an existing 401k plan.\nHow do you not know what you have/or don't have in your own 401k plan?\nYou can verify for further information by contacting your company.\nAt least 10 years ago, if you were to withdrawl money from your 401k Plan prematurely you can expect to pay 10% early withdrawl fee and taxes accordingly.  I am not certain today  if that is the same. \nCall any financial institution.  A Finacial Advisor or Representative should know this by heart.
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Call the IRS or your employer for that year.
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It depends on how you filed, efiled or paper trail you can goto the following site and locate your status and when mailed. FYI i have noticed that when you have it direct deposit it comes a few days before their date mailed.\nhttps://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp