Author Topic: Solo 401k  (Read 452 times)

freedom8991

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Solo 401k
« on: January 12, 2020, 08:54:36 AM »
I recently received the okay from the IRS to shift to an SCorp! As a small business owner as the sole worker- that is great news. Just a couple basic questions:

I opened a Solo 401K- when is the deadline for the employee contribution to count for tax year 2019?
My SCorp was okayed as of June 1st 2019-can I put in the while $19000.00 contribution for 2019 although I was an S Corp for only six months? (I am over the age limit so u can do the catch up contribution)

This is a huge step for me for investment purposes- I just want to do it right.

Thank you!!!

FIKristen

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Re: Solo 401k
« Reply #1 on: January 14, 2020, 01:39:19 PM »
I believe the employee contribution for 2019 had to be made by Dec. 31 2019, but the employer contribution can be made up until your tax filing date.

ixtap

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Re: Solo 401k
« Reply #2 on: January 14, 2020, 01:59:58 PM »
I believe the employee contribution for 2019 had to be made by Dec. 31 2019, but the employer contribution can be made up until your tax filing date.

The election has to be made, not necessarily the contribution itself.

dandarc

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Re: Solo 401k
« Reply #3 on: January 14, 2020, 02:22:06 PM »
I believe the employee contribution for 2019 had to be made by Dec. 31 2019, but the employer contribution can be made up until your tax filing date.

The election has to be made, not necessarily the contribution itself.
Not to mention the plan had to be established by 12/31/2019. Hope OP did that - if so, they'll be able to do the employer side at least.