Permalink Submitted by Geoffrey Kasher on Thu, 2024-09-12 09:57
I need to clarify. For whatever reason, she files on Schedule C and draws no W-2 income. The accountant has it set that way. Only W-2 employees are eligible for the plan. I don’t know why it’s set this way. The accountant wants her to take a W-2, but for whatever reason, she doesn’t want to.
Even if she did participate in the 401k, the plan would be top-heavy, and she doesn’t want to match or safe harbor.
Permalink Submitted by Alan - IRA critic on Wed, 2024-09-11 17:43
SEP IRA, SIMPLE IRA, or even a 401k if there is enough employees to justify the added cost.
Permalink Submitted by Geoffrey Kasher on Thu, 2024-09-12 09:57
I need to clarify. For whatever reason, she files on Schedule C and draws no W-2 income. The accountant has it set that way. Only W-2 employees are eligible for the plan. I don’t know why it’s set this way. The accountant wants her to take a W-2, but for whatever reason, she doesn’t want to.
Even if she did participate in the 401k, the plan would be top-heavy, and she doesn’t want to match or safe harbor.
Options?