- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Presumably you have an S corp, otherwise you would be receiving no W-2 from the LLC. The maximum SEP contribution is determined only by your compensation reported on the W-2. The owner draws or distributions are not compensation.
Presumably your S corp requested a filing extension, otherwise it's too late for a SEP contribution to be made for 2023. The S corp, not you, makes the contribution and is deductible on the S corp's tax return, not on your individual tax return.
May 31, 2024
4:44 PM