Pacun Posted April 29, 2008 Report Share Posted April 29, 2008 I just had an idea that might help you with the 401k dilemma, which you may want to discuss with your employer AND a tax advisor. You may want to find out if it would be possible for your employer to have you as a W-4 employee, instead of a W-2 employee. If that's possible, you should ask your tax advisor if this change would qualify you to make deductible IRA contributions and/or open your own SEP-IRA or owner-only 401k. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 29, 2008 Report Share Posted April 29, 2008 I just had an idea that might help you with the 401k dilemma, which you may want to discuss with your employer AND a tax advisor. You may want to find out if it would be possible for your employer to have you as a W-4 employee, instead of a W-2 employee. If that's possible, you should ask your tax advisor if this change would qualify you to make deductible IRA contributions and/or open your own SEP-IRA or owner-only 401k. Sounds like advisor is steering the employee toward being a contractor? Reminds me of the scene in Mr. Mom, where Michael Keaton is trying to impress the electrician: "220, 221, whatever it takes." I am currently trying to fix a mess for a vet who failed to mention that his employees now have a 401(k) plan. He's been telling the office manager not to concern herself with any taxes on the 401(k) amounts. Office manager happened to mention it to me on April 14. Quote Link to comment Share on other sites More sharing options...
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