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[deleted] OP t1_iy6y3f7 wrote

Reply to comment by kaartman1 in Solo 401k contribution question by [deleted]

[deleted]

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kaartman1 t1_iy6ylxc wrote

Do you use any 3rd party service or app to run pay check? May be there is a loophole ( void it and rerun citing some mistake… forgot to add 401k contributions).

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[deleted] OP t1_iy6z5nf wrote

[deleted]

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kaartman1 t1_iy6znxf wrote

I am sure there will be a way to amend it. Call them and explain. I am sure mistakes like this happen all the time. Worse case …run remaining pay checks for huge amount and contribute all of it towards your portion of 401k.

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[deleted] OP t1_iy706dl wrote

[deleted]

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mnico213 t1_iy8klqu wrote

For whatever it’s worth, with an S Corp your salary needs to be reasonable with regards to the services you are providing to the corporation. The IRS does not allow you to just avoid payroll taxes by being an S Corp.

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MikeWPhilly t1_iy9nlte wrote

This is even more critical with the increased scrutiny on taxes soon. I’m expecting S Corp to be a fun target for audits.

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