Retirement Plans For S Corp Owners In Utah
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FAQ
The S corporation issues a W-2 to the shareholder-employee just as it would to any employee. The shareholder-employee must include the wages on his or her federal income tax return. The company can then set up a defined benefit plan for employees of the corporation.
401(k) plan contributions If you are a common-law employee of the S corporation: you can make salary deferral contributions to the 401(k) plan based on your Form W-2 compensation; and. your employer can make matching or nonelective contributions to the plan based on your Form W-2 compensation as a common-law employee.
Now that you are an S Corp, a Solo401K is usually the best retirement plan option. This is because the contribution limits are much higher than other retirement plans (Traditional IRA, Roth IRA).
Solo 401(k) Maximums 401(k) Contribution Limit for 2025Amount Deferral for under age 50 $23,500 Deferral for age 50+ $31,000 Maximum for under age 50 $70,000 Maximum for age 50+ $77,500
401(k) plan contributions If you are a common-law employee of the S corporation: you can make salary deferral contributions to the 401(k) plan based on your Form W-2 compensation; and. your employer can make matching or nonelective contributions to the plan based on your Form W-2 compensation as a common-law employee.
Single-member S-corporations can establish a solo 401(k) plan, also known as a one-participant 401(k) plan. This plan allows the owner to make both employee and employer contributions.
Yes, any business is able to set up a 401(k). If you are self-employed, you can create a solo 401(k) as a limited liability company (LLC)—assuming you meet all the other eligibility requirements.
Now that you are an S Corp, a Solo401K is usually the best retirement plan option. This is because the contribution limits are much higher than other retirement plans (Traditional IRA, Roth IRA).
What about single-member S-corps? Single-member S-corporations can establish a solo 401(k) plan, also known as a one-participant 401(k) plan. This plan allows the owner to make both employee and employer contributions.