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Old 10-02-2017, 11:33 PM
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Retirement plan options for Small business (C corp) with 2 employees & for owner who also gets a 1099 from independent comsulting

Small Business owner (100% ownership) of a small business with 2 FT employees. Owner also gets consulting income from a side gig on a 1099.

Retirement plan options are -

1. SIMPLE(too late for 2016 tax year?) or SEP IRA for company and employees

2. Solo 401(K) for the 1099 income. Or does this need to be another SEP IRA?

What are the contribution limits or pitfalls for such an arrangement? Can this be done even?

thank you!



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Old 10-03-2017, 11:23 AM
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Small Business owner (100% ownership) of a small business with 2 FT employees. Owner also gets consulting income from a side gig on a 1099.====> Generally such payment would be treated as an expense for the payer and self-employment income for the c corp owner
Retirement plan options are -

1. SIMPLE(too late for 2016 tax year?) or SEP IRA for company and employees====>>>>> An SEP is ideally suited for small businesses and may be established by any business owner, including sole-proprietorships, corps and partnerships. The SEP is attractive to small businesses because it is easy to establish and administer; Contributions to a SEP-IRA are made only by the employer and not by employees. SEP-IRA contributions are not included in compensation unless excess contributions are made.SEP-IRA contributions are not subject to federal income taxes, Social Security taxes, Medicare taxes, or FUTA taxes. The employer employed 100 or fewer employees who earned at least $5k during the preceding year. All employees employed at any time during the calendar year are counted regardless of whether they are eligible to participate in the SIMPLE IRA plan. The employer maintains no other plans (not including plans for employees whose benefits are determined under a collective bargaining agreement (unionized employees) ). Other plans include SEP IRAs or ? Qualified plans, such as profit-sharing plans, defined-benefit plans, money-purchase pension or target-benefit plans and 401(k) plans; 403(b) plan Qualified annuity plans.









2. Solo 401(K) for the 1099 income. Or does this need to be another SEP IRA?-------->> When your employer plan has poor investment options, there?s an alternative: set up a solo 401k for yourself. Then you can rollover your traditional, SEP, or SIMPLE IRA to your own solo 401k The one-participant 401(k) plan is not a new type of 401(k) plan. It is a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse.

What are the contribution limits or pitfalls for such an arrangement? Can this be done even?=========> The SEP IRA and Individual solo 401k are the two most common retirement plans chosen by successful self employed individuals and owner and spouse businesses due to their high contribution limits and flexible annual contributions. Individual 401k plans have greater administrative responsibilities than a SEP, but may allow a larger annual contribution at identical income levels due to the way the annual contribution is calculated Features: 2017 SEP IRA contribution limit is $54k; 2017 Individual 401k contribution limit is $54k ($60k if age 50+ due to a "catch-up" provision). Loans are permitted in an Individual 401k. you need to contact a retirement plan admin for more info in detail.



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Old 11-15-2017, 10:58 AM
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Old 11-16-2017, 01:12 AM
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Old 11-17-2017, 08:52 AM
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