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W2 Showing inflated 401K balances if balance transfer option is opted while doing global transfer
Summary:
W2 Showing inflated 401K balances if balance transfer option is opted while doing global transfer
Content (required):
We have done process group configuration for transferring balances from old assignment to new assignment while doing global transfer. We set all 401K balances like eligible earnings, contribution, Roth and Catchup balances to be transferred to new assignment so that IRS Limits would get automatically applied while doing 401K calculations. This problem is sorted but when W2 is generated for such employees, it displays balances on old assignment + new assignment hence showing inflated amount on W2. Is there anyway we can achieve both the requirements like applying IRS limits as well as W2.
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