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In what tax year must attorney begin contributions for employee?


Guest fmcurley
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Guest fmcurley

Attorney is a sole proprietor (calendar year taxpayer) who hired his first employee in 10/98. Employee was over 21 years of age when hired and has earned over $450 of compensation in each year for 1998 thru 2000. In what tax year must attorney begin contributions for employee?

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2001 if the SEP doc requires service in 3 of last 5 years (max allowed)

or, if the Employer did not make a contribution (for himself or other EE's) in 2001 ... later

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Guest fmcurley

when was the sep-IRA adopted?

in tax year 1998

What eligibility requirements were selected?

employment in three of last five years

When did the attorney start the current sole-prop business?

prior to tax year 1998

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