Search found 6 matches

by HG01
Fri Mar 17, 2017 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: S corp - 401K plan - profit sharing
Replies: 130
Views: 4941

Re: S corp - 401K plan - profit sharing

More than regular employees, the question is about a class of employees who are on W2 but draw hourly salary. It is used widely in IT consulting / services firms where we hire folks for a fixed duration / assignment and once the assignment ends -- the contract terminates. In some cases these assignm...
by HG01
Thu Mar 16, 2017 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: S corp - 401K plan - profit sharing
Replies: 130
Views: 4941

S corp - 401K plan - profit sharing

In 2011 we started an S-Corp with focus on software services and product development. In 2014 started a 401K with EF (based on recommendation from this forum). Currently, we have 3 founders + 5 other employees. We have a safeharbor plan for founders + employees where company has to contribute ~4% el...
by HG01
Fri Aug 12, 2016 4:21 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Question
Replies: 13
Views: 1505

Re: ROTH IRA Question

Thanks. This is very helpful. Two question though - Are rollover IRAs and SEP-IRAs (i have both) treated same as traditional IRAs for pro-rated calculations? Also, does spouse's IRA gets counted in the calculation too? Sadly, it is not that simple. You can create as many IRA accounts as you want. Th...
by HG01
Fri Aug 12, 2016 3:36 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Question
Replies: 13
Views: 1505

Re: ROTH IRA Question

Actually I do, can I start a new IRA (non deductible) and only roll off to Roth IRA?

Rob Bertram wrote:Yes, you can do a non-deductible IRA contribution and then do a Roth conversion. One thing to consider is if you have an existing traditional (deductible) IRA balance.
by HG01
Fri Aug 12, 2016 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Question
Replies: 13
Views: 1505

Re: ROTH IRA Question

Thus, can I open a traditional IRA and convert to ROTH IRA? Obviously, traditional IRA monies will be using post tax income. Am I correct here? I am 43 year old (married with two kids). Me and my wife max out on 401Ks and our combined AGI for past few years has been around $250K. Question - Can we s...
by HG01
Fri Aug 12, 2016 10:36 am
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Question
Replies: 13
Views: 1505

ROTH IRA Question

I am 43 year old (married with two kids). Me and my wife max out on 401Ks and our combined AGI for past few years has been around $250K.

Question - Can we still contribute to Roth IRA?

Thanks