401K and Profit sharing plans
My wife contributed $22,500 pretax to her company’s 401K. Additionally she contributed $3803 after tax dollars to her company’s 401K. She also works in my business and this year met the criteria that qualify her for the business Keogh Profit Sharing Plan.
What are the guidelines when a oerson qualifies for two different retirement plans? Are there any restrictions for contributions, for her, to my business profit sharing plan?
Permalink Submitted by Alan - IRA critic on Fri, 2013-02-22 03:30
She can receive the same percentage SEP contributions as the other employees and it will not conflict with her 401k plan contributions.