SIMPLE IRA/SOLO 401(K)
Sir/Madam,
Entity has a retirement plan (SIMPLE IRA). Can the owner/employees of the entity receive director’s fees from the entity and set up a SEP or solo 401(k) plan for the Schedule C income from the director’s fees? Or, would the director’s fees not qualify since from the same entity from which the owner/employees already have a retirement plan?
Thanks in advance,
Chris
Permalink Submitted by Alan - IRA critic on Tue, 2013-11-05 20:24
Chris, the latter. The SIMPLE IRA “exclusive plan requirement” would apply.