Guest TLCPension Posted February 10, 2003 Posted February 10, 2003 I have a client who earns a salary of $89,000 in a corporation. She also earns in excess of $100K as commissions and reports it on a 1099. Can she do this and still participate in the 401(k) and setup a SEP based on her 1099 income? If so, what are the restrictrictions, etc. I should be looking for with this issue.
Blinky the 3-eyed Fish Posted February 10, 2003 Posted February 10, 2003 Assuming this arrangement is being legitimately reported, the answer is yes. If she has >50% ownership in the corporation, there may be 415 issues, but otherwise she can have at it. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
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