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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I am an LLC with an Scorp. Another company sends me a 1099.

Customer Question

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?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: 1099 - $242,000. Reasonable wage is $60,000
Submitted: 8 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 8 months ago.

Hi. Great Question.

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

Expert:  ABC Accounting Group replied 8 months ago.

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

Expert:  ABC Accounting Group replied 8 months 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.

Expert:  ABC Accounting Group replied 8 months ago.

Let me know if this helped. Thank you.