Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

S corporation - can I contribute to a 401k plan - not

Customer Question
S corporation - can...

S corporation - can I contribute to a 401k plan - not through w2

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

But through the s corp

Accountant's Assistant: Is there anything else the Accountant should be aware of?

And where do I report on 1020s

Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 10 minutes by:
2/29/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,472
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

The 401(k) has to be established by December 31st of the tax year you are filing the 1120(S) for.

You can use a self-employed 401(k) if you don't have any employees other than your spouse

Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Do you have any additional follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,472
7,472 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My wife and I are over 50 so if we contribute a total of
My wife and I are over 50 so if we contribute a total of $49000 into our 401K plan, how does this need to be recorded on our tax return as a pretax contribution to the plan ? We are greater than 2% ow… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,609 satisfied customers
As a small business (S corp) owner, what pre-tax investments
As a small business (S corp) owner, what pre-tax investments do I have available to me akin to the 403B contributions I used to make when employed as a teacher by a private school?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I own a small business. I am the only employee. I have maxed
I own a small business. I am the only employee. I have maxed out my 401k at 24000. Can I still contribute my SEP and if so will my contributions be tax deductible. I have an S Corp so all taxes are pa… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a C Corp and I own the sole owner. I am now preparing
I have a C Corp and I own the sole owner. I am now preparing my business and personal returns for 2016. I want to pay myself compensation on W-2 which I did not file with the IRS yet nor did I pay pay… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
570 satisfied customers
We withdrew money from our 401K and put it in our business.
We withdrew money from our 401K and put it in our business. We received a 1099 for the amount. We used that money to pay ourselves payroll money. How do we report that on our business tax return? Is i… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
An Single member S-Corp is an employee of the S-Corp who
An Single member S-Corp is an employee of the S-Corp who pays themselves a salary. The would like to contribute to a retirement plan. Can the contribute to a SEP or does it need to be an individual 40… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master\u0027s Degree
167 satisfied customers
I was shareholder in a corp that was closed last year. I had
I was shareholder in a corp that was closed last year. I had to personally pay off debt I had guaranteed as a director as the company didnt have enough assets. How can i recoup that through personal t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to provide instructions to my Payroll company on how
For Lev I need to provide instructions to my Payroll company on how to properly record S-corp contributions on my W2. I am 100% shareholder. I do payroll on a monthly basis.Are these instructions corr… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have an S-Corp which I am 100% Shareholder. My spouse is
I have an S-Corp which I am 100% Shareholder. My spouse is the only employee of my S-Corp. I have no plans on hiring other employees.How do I ensure Health Insurance Payments and HSA Contributions mad… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a small business LLC, S election and I have adopted a
I have a small business LLC, S election and I have adopted a solo 401K plan which has a profit sharing/Match options as well as a Roth component. what is the minimum compensation i need to pay myself … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
, Can I set up a SEP plan and contribute 25% of profit
Hi, Can I set up a SEP plan and contribute 25% of profit from Schedule C. (I did not take any salary from the self employment though). I'm making estiomated taxc payments on the assumed profits, but n… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am one-person s-corp. I am owner and therefore considered
I am one-person s-corp. I am owner and therefore considered a 2% shareholder. This year the s-corp directly transferred $6,550 from its business account to my HSA account as an HSA contribution. If my… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am being audited by the IRS. I need to prove that I took
I am being audited by the IRS. I need to prove that I took the correct amount for my SOLO 401K plan in 2010. This is NOT a simple 401K as it has a profit sharing component. I had an S-Corp and had 90,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My question is regarding elective contributions to my Keogh
My question is regarding elective contributions to my Keogh retirement plan. I am self employed as the sole employee of an S-corporation in California, and have a Keogh plan set up at Fidelity to save… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the proper way to reflect employer paid SEP/IRA contributions
What is the proper way to reflect employer paid SEP/IRA contributions on behalf of a 100% Sub S shareholder? Is that amount included in the shareholders gross income and reflected on the W2?… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
While preparing my S Corp taxes I believe I found an error
While preparing my S Corp taxes I believe I found an error in my 2010 taxes. On my 1120S I did not deduct $28,500 of contributions for my company's 401k on line 17. This overstated my Ordinary Busines… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
401k question I have a sub S corp that has a 401k plan. I
401k question: I have a sub S corp that has a 401k plan. I receive income via w2 & 1099 outside the corp, and via 1099 within the corp. of these 3 sources of income, which can i use to determine my 40… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I have a single individual S-Corp registered in California.
I have a single individual S-Corp registered in California. My Income is approximately 200,000 USD/Year and am 51 years old. I would like to put as much money as possible into a Solo 401K, SEP IRA, Ro… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x