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Level 1

401k

I am a sole proprieter with four employees. I recently began offering a 401k savings plan for my employees and myself, but I'm the only one who has taken advantage so far. I do payroll through a third party service, so I'm not sure how to enter my own 401k contributions in Quickbooks. Would it be equity? Please help! Thanks.

1 Comment
Level 15

Re: 401k

There are 4 types of "401(k)" plans. You need to know which you have established:

https://www.fidelity.com/viewpoints/retirement/retirement-plan-small-business

 

Then, you can read the IRS guidance on how to calculate your own participation, per specific plan:

https://www.irs.gov/retirement-plans/self-employed-individuals-calculating-your-own-retirement-plan-...

 

Or, just ask your own CPA for help.

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