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I am an LLC with an Scorp. Another company sends me a 1099.

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I am an LLC...

I am an LLC with an Scorp. Another company sends me a 1099. I pay myself a wage at the end of every month. I pay quarterly taxes, 941 forms, 940 form, and futa in January of every year. I missed the January Deadline to put money into a 401 K retirement. What money can my business put into retirement for me?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

1099 - $242,000. Reasonable wage is $60,000

Submitted: 1 month ago.Category: Tax
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Answered in 10 hours by:
3/11/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question.

If you did not contribute to a 401k, there are options.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

I would try the SEP IRA - you have until April 15th to contribute.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

This chart shows you some alternatives --

https://www.fidelity.com/retirement-ira/small-business/compare-plans

Let me know if this helps and if you have any questions. Thank you.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

Let me know if this helped. Thank you.

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