Spousal solo 401k salary deferral deposit deadlines
Spousal solo 401k salary deferral deposit deadlines - different than profit share deadline?
I am the sole proprietor and my wife is my employee. As the sole proprietor I understand my deadlines for making my contributions/deadline is the tax filing deadline
For the employer/profit share contribution to my wifes spousal contribution my understanding is the deadline for this is also the tax filing deadline.
However I have read two conflicting pieces of information when it comes to the employee salary deferral portion of the spousal 401k deposit deadlines.
Scenario 1 Employee Contribution deposit deadlines:
" both employee and employer contributions can be made up to the company’s tax return deadline"
"while employee and employer contributions may be extended until the company tax return deadline you will typically need to file a W-2 for your wages (e.g. an s-corporation) by January 31, 2018. The W-2 will include your wage income and any deduction for employee retirement plan contributions will be reduced on the W-2 in box 12. As a result, you should make your employee contributions by January 31, 2018 or you should at least determine the amount you plan to contribute so that you can file an accurate W-2 by January 31, 2018.
This contadicts with Scenario 2 in which I have read:
"Salary deferrals/elective must be deposited no later than the 15th business day of the month following the month of defferal.
They say the profit sharing contribution can be deposited until the tax filing deadline but salary deferrals must be deposited by the 15th of the following month.
I had just opened up a solo 401K at year end and am wondering if I can still have my wife/employee do contributions for this year or if it is too late for the deposit now that the 15th has passed...
Can anyone specify the rules regarding deposit timelines for the employee salary deferral portion of the spousal 401K contribution.