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I have a tax related question regarding an in-service Solo
Hello, I have a tax related question regarding an in-service Solo 401k distribution. … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I am in a strange situation, I was working through my own S
I am in a strange situation, I was working through my own S corp and had contributed$6000 as employee contribution in Individual 401K through my payroll company.I joined a new employer in mid of 2019 … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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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, CFP, MBA, CRPS
Doctoral Degree
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I own and run a sole proprietorship. I am considering
I own and run a sole proprietorship. I am considering incorporating as an LLC and filing to be taxed as an S corp. I'd also like to open a Solo 401(k). I am looking for guidance on whether this makes … read more
NelsonProTax
NelsonProTax
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Second opinion] I had an outstanding 401K loan in 2018 which
Second opinion] Hi, I had an outstanding 401K loan in 2018 which I got 1099 for. I've read that according to the Tax relieve act, now there is more than 60 days to repay the loan, I contribute amount … read more
Lev
Lev
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Bachelor's Degree Equivalent
34,060 satisfied customers
If a 401k loan was deducted from your 401k balance in 2018
if a 401k loan was deducted from your 401k balance in 2018 while unemployed, do you still qualify under the new Tax Act to roll the default into an IRA before April 15 2019. It is a qualifed plan offs… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Master's Degree
4,125 satisfied customers
IRS tax question: Say you have an S Corp and set up a Solo
IRS tax question: Say you have an S Corp and set up a Solo 401K in the beginning of 2018, but didn't pay yourself a salary for the year. Is it possible to pay yourself a salary retroactively (reclass … read more
Lev
Lev
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Bachelor's Degree Equivalent
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For a portion of 2018 I had two incomes....one from previous
For a portion of 2018 I had two incomes....one from previous employer that was paying me as part of exit agreement. this was W-2's so no issues. My new job/employer, alss W-2. Issue is Box 12 on W-2 t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,540 satisfied customers
I've recently left my employer and have a 401k loan. I've
Hi, I've recently left my employer and have a 401k loan. I've been reading that tax law changed, in which there would be no penalties/taxes as long as I payoff the loan before Apr 15, 2020. However my… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I am 62. I was employed throughout 2018 by an employer and I
I am 62. I was employed throughout 2018 by an employer and I had access to a 401K. However, I only set up the 401K on Dec 31, 2018 and did not make my first contribution until Jan 2019. I will become … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
Married filing jointly. AGI $170k. we have an extension for
Married filing jointly. AGI $170k. we have an extension for our 1040 My employer has a retirement plan. Wife is self employed with $6700 Net Profit on Schedule C Line 12 1) Can she contribute $6500 to… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,733 satisfied customers
Is there a limit of 401K contribution per year for tax
Is there a limit of 401K contribution per year for tax payer? Can tax payer contribute more than 18000 through different employers?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master's Degree
44 satisfied customers
I have an employee that has Box 13 of his W-2 checked for
I have an employee that has Box 13 of his W-2 checked for Retirement Plan. We do have a company plan; however, he does not contribute. Is the fact that this Box 13 is checked when his W-2 clearly show… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I was self employed Jan - Feb in 2015. In March - August
I was self employed Jan - Feb in 2015. In March - August 2015 I had a W2 job. I don't recall whether my employer offered a 401K or not but if they did I didn't take advantage of it. In August and Sept… read more
Mark D
Mark D
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Master's Degree
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Have contributed $2400 to 2013 Simple Ira as a part-time Dental
Have contributed $2400 to 2013 Simple Ira as a part-time Dental Hygienist and my employer added his 3%. Also added $23,000 to my SE401K for 2013, as I am the only owner, officer and shareholder (65 yr… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I was 70 1/2 In 2012. I RETIRED MARCH 31, 2013 WITH A 401K.
I was 70 1/2 In 2012. I RETIRED MARCH 31, 2013 WITH A 401K. MY 401k BECAME AN IRA SHORTLY THEREAFTER. I THEN ROLLED OVER THE NEW IRA TO VANGUARD BUT WAS ISSUED THE RMD FOR 2012 BY ING WHICH GOT MY 401… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,862 satisfied customers
Hi. I have a Traditional IRA with just a few thousand dollars
Hi. I have a Traditional IRA with just a few thousand dollars in it, which I established with tax-deductible (pre-tax) money years ago before I had a 401k. Today, I am above the ~$180K income limit an… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I read the following article about how to avoid paying the
I read the following article about how to avoid paying the 10% early withdrawal fee on an IRA: http://beginnersinvest.about.com/cs/iras/a/aairafees.htm I have a few related questions: I just opened my… read more
Merlo
Merlo
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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.

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