SIMPLE IRA owner -employee deferral after year end | Ed Slott and Company, LLC

SIMPLE IRA owner -employee deferral after year end

Client owns a business and has one employee who does not participate in company SIMPLE IRA
Client wishes to make employee deferral portion for himself for 2019. Can he still do this or did it have to be done by 12/31/2019?

If self employed, the employer can make their contribution up to the tax due date (7/15/2020) or if extension is filed until 10/15/2020 for 2019.

Thanks  AlanBy self employed you mean that he is an LLC, or Schedule C?In other words no W-2 for him only K-1 or Sched CThanksHoward  

Correction. The salary reduction contribution for the owner must be made by 1/30 of the following year. Only the employer contribution (matching or non elective)  can be done to the due date plus extensions. This applies to Sch C or partners receiving a K 1.


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