Payroll Deduct IRA
I recently set up a payroll deduct IRA for a small business. 3 employees and 1 owner. The three employees each filled out paperwork to open an IRA. However, the accounting firm and payroll provider said one of the employees is not eligible. This employee is not a W2 employee – they are 1099. Are 1099 employees eligible for a payroll deduct IRA?
Permalink Submitted by Alan - IRA critic on Tue, 2022-05-10 14:31
No, because they are not employees, but you may be able to hire them.