Hello all,
I have a single member LLC and I have elected it to be taxed as an S Corp. Let's say the LLC earned $50k for 2020 and I have paid myself a salary of $23k. I also have a tax deferred pension plan (KEOGH plan) that's under my name that I used to fund when I was doing independent contract work on 1099.
When using the TurboTax business, there is a question about "Retirement Plan Contributions". Is this referring to a contribution that I as single employee of the LLC plan on making to the KEOGH retirement plan? Can I make a $20k contribution to the KEOGH plan and indicate that on this form? Any insight would be greatly appreciated.
