I tried the option to have w-2 employee and see the pension expense showed up, but when I continued after I answered yes to the plan qualify for the credit, the online site hit a "snag":
Is your AI Training pension plan qualified for the Pension Startup Credit?
Eligible employers who start a new qualified retirement plan may be able to claim qualified pension plan startup costs as a tax credit. We'll calculate your credit and make any necessary adjustments to your business expenses.
To be an eligible employer, you must:
- Have had no more than 100 employees who received at least $5,000 in compensation from you during the year before the first year you claimed the credit
- Not have had another qualified retirement plan that covered substantially the same employees within the three-year period prior to starting the new plan.
A qualified plan includes:
- Qualified defined benefit plans
- Qualified contribution plans, including 401(k) plans
- SIMPLE plans
- SEP plans
The plan must have at least:
- One covered employee who earns $100,000 or less from the business.
Is your pension plan qualified for the Pension Startup Credit?
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