Ahh, then if our W-2 and K-1 income are over $136,000, we aren't eligible for the IRA deduction, right?Yes, he would be an active participant "covered by a workplace retirement plan" for 2023.
Is there any other hope for us to lower our tax liability at this point?
I am looking into SEP IRA but our S-corp has other employees.
If we decide to apply the 3-year qualification, would it apply across the board even to us shareholder employees?
I.e, if other employees wouldn't be eligible for SEP because they only worked 1.5 years, would we shareholders also not be eligible to get an employer's contribution under a SEP if we only worked 1.5 years as well?
Statistics: Posted by yulmucha — Thu Apr 11, 2024 3:09 am — Replies 11 — Views 663