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Found 4 results

  1. Combining SECURE 2019 and SECURE 2022 changes, a sole proprietor may establish, retroactively, a plan (up to her tax-return date with extensions) and may make, retroactively, an elective-deferral election (up to her tax-return date without extensions). (Let’s leave aside the BenefitsLink discussion about whether that’s practically useful for 2022. Imagine a sole proprietor with calendar tax years, and a plan and § 401(k) arrangement that, when retroactively adopted, are effective January 1, 2023.) Am I right in thinking the situations in which a proprietor might want a § 401(k) arrangement are: the proprietor is 50 or older and classifying a portion of a contribution as a § 414(v) catch-up elective deferral enables a contribution up to $73,500 instead of $66,000; or the proprietor’s deemed compensation is less than $264,000? Is there another situation in which an elective deferral allows a proprietor to do something she could not do with her nonelective contribution alone? (Please ignore Pennsylvania income tax.)
  2. Good morning to all, I have been asked to post the following question from a CPA referral source: "Facts: Individual owns 100% of an S corporation. Only employees are husband and wife. They have a solo 401K plan. They both maxed their elective deferrals and the employer contributed max profit sharing. Husband also owns another business with no employees that is taxed as a sole proprietorship Sole proprietorship is profitable in 2018. Can they also do a SEP for the sole proprietorship?" I have no further information than what is shown in the inquiry. Thank you in advance to anyone who has had to address this before and knows what is permissible.
  3. I have a sole proprietor Money Purchase plan. Is the funding deadline 9/15? The accountants says since it is an individual it should be the extended date of the return, 10/15. Thank you!
  4. Solo 401(K) Plan, 2 separate businesses and both have adopted the plan Spouse is on payroll in one business and is the only employee. The other business has no employees. In past years, we have utilized the Schedule C income from both businesses for purposes of calculating the employer contribution for the owner. So this year, Business A has a loss of 30K and Business B has a profit of 50K. My guess is that we need to net the 2 businesses for income of 20K as the earned income for the owner since both companies have adopted the plan. Can anyone confirm this? The plan sponsor business with the spouse as the employee is the business showing the loss.
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