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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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My s corp has $43k of profits. Can i use this to contribute

Customer Question

My s corp has $43k of profits. Can i use this to contribute to a SEP IRA? (I have a fulttime job and a 401k)
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: It's an s corp with 2 partners. The gross income is $65k, net income is about $40k
JA: Is there anything else important you think the Accountant should know?
Customer: both of us have fulltime jobs and we contribute to 401ks at work
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions. You would not be able to use the $43K in profits. Did you pay any wages to yourself from the S-Corporation.