ForumsSolo 401k – EligibilitySolo 401k Q&A – How to report Self-employment income for my Spouse?

Forums Solo 401k Solo 401k – Eligibility Solo 401k Q&A – How to report Self-employment income for my Spouse?

  • Solo 401k Q&A – How to report Self-employment income for my Spouse?

    0 Reply
  • George Blower

    Top SubjectPrivate: My Community Webinars,Mega Backdoor Roth Solo 401k
    Top ForumsPrivate: My Community Webinars, Mega Backdoor Roth Solo 401k

    George Blower

    George Blower

    Top SubjectPrivate: My Community Webinars,Mega Backdoor Roth Solo 401k

    July 28, 2021 at 6:51 pm

    QUESTION:

    I have not had a reason to give my spouse a 1099 or w2 for our 2-person business in our sole proprietor/ independent contractor business as we have filed jointly. Now that we are in pursuit of solo 401 k plans, how should I pay my spouse ? 1099 , w2 , 1099 and Schedule C ?

    RESPONSE:

    If there are no full-time w-2 employees working for any business owned by you and/or your spouse, your spouse can also participate in the plan if he/she is working in the business and reporting his/her own earned self-employment income. How such income is reported (e.g. w-2, schedule C, etc.) is a question to pose to your business tax advisor.

Related Blog Posts

Log in to reply.