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Old 09-29-2004, 03:06 PM
QBPete QBPete is offline
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Join Date: Sep 2004
Location: San Antonio, TX
Posts: 1
Question Retroactive payroll adjustment for 401K

Let's say I've have issued my last payroll to myself for this year. (I'm a 1-man S-corp), and the numbers were
Salary Gross $10,000
Deductions $3,000
Net Pay $7,000 (cheque already cashed)
I have just set up an individual 401K, and wish to (retroactively) defer, say, $5000 of salary, so the revised amounts would be:
Salary Gross $10,000
Deductions $3,000 (including overstated withholding taxes)
401KDeferral $5,000
Net Pay $2,000
I am OK with leaving the withholding taxes overstated (I'll get it back in April). Can I adjust the payroll to accomplish this? (and apply the extra $5000 already received to, say, Shareholder loan).
QB Basic 2003.
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