S Corp Simple IRA contribution and wages – after S Corp Income ceases
Our client’s source of income ceased this last year but they continued paying themselves a salary and withholding simple IRA contributions in 2023. They had a large amount of money in the S Corp so could afford to pay the wages.
Since wages were paid, do they have to return the simple IRA contributions to the S Corp?
Permalink Submitted by Mary K. Dean on Tue, 2023-09-26 23:10
Schwab has a note on their IRA application, that the maxium age is 18 for a custodianship inherited IRA. Is that the law or is that just a Schwab requirement. This is a California resident where the maximum age for a UTMA is 25. Many thanks as always …. Mary
Permalink Submitted by Alan - IRA critic on Tue, 2023-09-26 23:39