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Small business retirement accounts 1. One shareholder
small business retirement accounts1. One shareholder S-corporation has a solo 401K. 2. S-corporation has hired an unrelated full-time employee.Q1 - Since new employee will not be eligible for any type… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,799 satisfied customers
I married my fiance in March 2019. I submitted a $6000
I married my fiance in March 2019. I submitted a $6000 contribution to my Roth Ira for 2019 tx year. I know that with my income and my wifes income this year would make either of us ineligible to part… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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My solo 401k has a Roth option. I'm not eligible to
My solo 401k has a Roth option. I'm not eligible to contribute to a Roth IRA due to income limits but am I able to contribute directly to the Roth account within my solo 401k without any backdoor work… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,330 satisfied customers
Looking for advice on setting up a solo (individual) 401k
Looking for advice on setting up a solo (individual) 401k and what income I can use to invest into it to reduce my 1099 income. … read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
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I recently changed jobs and my current employer doesn't have
I recently changed jobs and my current employer doesn't have a 401K and I am looking for options to fund my retirement accounts for the 2019 tax year. As I was researching for options, the Solo 401K s… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
I recently changed jobs and my current employer doesn't have
I recently changed jobs and my current employer doesn't have a 401K and I am looking for options to fund my retirement accounts for the 2019 tax year. As I was researching for options, the Solo 401K s… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
Question about ACA and taxes in California. Not yet.
Husband-wife partnership filing Schedule C for years. Husband starting a W2 job Aug 1 with health insurance. Our income will exceed ACA limits by end of year w/ the new job. Wondering about premium tax credits received Jan-July? Thanks! … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,330 satisfied customers
I have a high income W-2 where I typically max out my 401k
I have a high income W-2 where I typically max out my 401k contribution. This year I'm starting a consulting business on a 1099. Can I setup a Solo 401k in addition to my W-2 401k? If so, can I contri… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,422 satisfied customers
I have W2 income and my wife does not. This year, both of us
I have W2 income and my wife does not. This year, both of us expect to get 1099 income of about $150k each. I would like to know how to set up the recordkeeping ( do we need to get separate EINs) for … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,330 satisfied customers
I am setting up a solo 401k thru my LLC my spouse was a part
I am setting up a solo 401k thru my LLC my spouse was a part of the business and would like to claim the deferral and catch up for a total of $24,000. I will be filing a joint return this year, my spo… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,992 satisfied customers
both my husband and I have IRAsfrom companies no longer
Hi both my husband and I have IRAsfrom companies no longer in business -we are in the beginning stages of starting a real estate business and wondered if we could roll both into 1 solo 401k… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,992 satisfied customers
Below is more of a compound question around tax advice and
Below is more of a compound question around tax advice and a tax strategy for a new firm I established. I would appreciate your answers, so I can take it to the next level to engage a local CPA. I rec… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
California CPAs or accountants only please. Im currently
California CPAs or accountants only please. I'm currently holding down a day job and also performing contractor services on the side. Let's say that my day job provides me with $12k per month of incom… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
Question regarding Additional Retirement Savings from free
Question regarding Additional Retirement Savings from free lancer side income. I am looking for options to put away more money in tax advantaged retirement account such as SEP IRA or similar. in 2013 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,799 satisfied customers
I own a small business where Im the sole employee drawing a
I own a small business where Im the sole employee drawing a salary and filing as an S CORP. What type IRA can I set up through my company to enable me to save money while gaining a deduction off my ne… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,693 satisfied customers
I run a small business (LLC) where I am the only full time
I run a small business (LLC) where I am the only full time employee. My business nets about $500K in profit a year. I've read that adding your wife as an employee to your business can be a good tax st… read more
Anne_C
Anne_C
Attorney
Doctoral Degree
122 satisfied customers
401K question My husband was 100% share-holder of C-Corp.
401K question: My husband was 100% share-holder of C-Corp. As of this year, he terminated the C-Corp. and operating business under the same business name but as sole proprietorship. The C-Corp. have 4… read more
Bill
Bill
Master's Degree
3,157 satisfied customers
My wife is receiving social securiety. She was recently ...
My wife is receiving social securiety. She was recently told that her monthly payment will be reduced because her income reported to the IRS.....The only income she has is withdrawing from her 401k! S… read more
Guru_Guy
Guru_Guy
Doctoral Degree
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