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I a 71 YEAR OLD RETIREE. I DO OWN A 7 AND 9 UNIT APARTMENT…

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I a 71 YEAR...
I a 71 YEAR OLD RETIREE. I DO OWN A 7 AND 9 UNIT APARTMENT BUILDING. I MANAGE THE BUILDING MSELF. NO EMPLOYEES… CAN I SET UP A DEFINED BENEFIT SERVICE JUST FOR MYSELF.
Submitted: 2 years ago.Category: Finance
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5/15/2016
Financial Professional: Steve, Certified Public Accountant (CPA) replied 2 years ago
Steve
Steve, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,342
Experience: CPA, MS-Tax 25+ yrs experience
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Hi and welcome to JustAnswer - In order to have a plan, you must have self employed earned income. That earned income would be subject to self employment tax of 15.3%. Rental income is not considered to be self employment income. Even if you paid your self a management fee, which would be self employment income that income would be subject to the 15.3% self employment tax. So there would be limited benefit and real cost to reclassifying your income to make a qualified plan contribution.
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Customer reply replied 2 years ago
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