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Employee
August 17, 2018
Question

Can I contribute to a 401k (I am the employer, my compan) if my wife has a 403b plan as an educator?

  • August 17, 2018
  • 1 reply
  • 0 views

Question is in the subject, I'd just like to know if this is allowed at the income levels.

 

Thanks!

1 reply

Carl11_2
Employee
August 18, 2018

What kind of business?

 - Single member LLC?

 - Single member LLC that has filed form 8832 with the IRS to be treated "like an S-Corp" for tax purposes?

 - Multi-member LLC?

 - Partnership?

 - S-Corp?

 - C-Corp?

Something else?

Employee
August 18, 2018

Ah, sorry for not elaborating on the company itself.

 

It's a C-Corp

Carl11_2
Employee
August 18, 2018

What your wife has doesn't matter. That's why it's called an *individual* retirement account.

Calculations for an S corporation and C corporation are based on the W-2 salary that is paid to the business owner. For example, S corporation K-1 distributions (corporate profits) are not included when making the contribution limit calculation.