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It Could Always Be Worse
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<blockquote data-quote="bacha29" data-source="post: 2482194" data-attributes="member: 58386"><p>You are exactly correct. It does not go on your W-2 because it's deferred compensation. But when you start taking withdrawals you will receive a 1099 stating how much was withdrawn .It will state the gross amount and what portion is taxable . Most of the time it's 100%. Rather than placing all of your pay on your W2 they have these plans which saves them and you FICA taxes. (Social Security Medicare).</p></blockquote><p></p>
[QUOTE="bacha29, post: 2482194, member: 58386"] You are exactly correct. It does not go on your W-2 because it's deferred compensation. But when you start taking withdrawals you will receive a 1099 stating how much was withdrawn .It will state the gross amount and what portion is taxable . Most of the time it's 100%. Rather than placing all of your pay on your W2 they have these plans which saves them and you FICA taxes. (Social Security Medicare). [/QUOTE]
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