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re: Best small business retirement account contribution rate for President/ owners?
Posted on 1/6/24 at 11:48 am to baldona
Posted on 1/6/24 at 11:48 am to baldona
quote:
Previously with my SEP I could do $50k (that's 25% of $200k)
You can’t make a SEP contribution based on the owner distributions. It can only be based on net earnings from self employment as defined in Publication 560 Chapter 1.
This post was edited on 1/6/24 at 12:11 pm
1
Posted on 1/6/24 at 5:35 pm to slackster
quote:
You can’t make a SEP contribution based on the owner distributions. It can only be based on net earnings from self employment as defined in Publication 560 Chapter 1.
Sorry, poor terminology. My understanding is it’s 25% of net earnings. My point with the distributions is that would be included in the net earnings. Or a good indication there of.
What I’m trying to say, is that adding an employee of 3 years reduces an employed owners ability to contribute to their retirement unless major changes are made?
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