SIMPLE IRA / Partnership
Can a partner (99% owner) not on payroll (K-1) contribute to a SIMPLE IRA which has employees (W-2) on payroll. He is actively engaged in the business and has no other sources of income or retirement plans. If so can you advise best steps to do so. Thank you.
Permalink Submitted by Pamela Schott on Wed, 2024-02-28 16:33
Simple plan with 2 partners and multiple employees. All employees defer their SIMPLE contribution through their wage (it is reported on their W-2). When does the partners have to make his deferral contribution(if he did not make payments during the year)?I know the matching contribution is due by the partnership due date, including extensions. The partner has guaranteed payments and profits on his K-1, but I am not sure when the partner has to make his deferral payment. Is it due by Jan 30 of the following year. Anyone know???