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Emancipare
May 9, 2024

Solo 401k Employer vs Employee Contribution?

  • May 9, 2024
  • 1 reply
  • 0 views

I'm a single/sole member LLC and have a Vanguard solo 401k. Since it's all pass through, is there any advantage to doing employer contributions, i.e I put in $5k personal contribution and match it with a $5k company contribution?

 

Also should I pay federal quarterly taxes from my personal checking account or business checking and does that include SS/Medicare since I don't do any paycheck, only owner draws?

    1 reply

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    SashaMC
    May 10, 2024

    Hello Emancipare! 

     

    Thank you for connecting with the QuickBooks Community! For these types of questions, we recommend speaking to your accountant to learn the best practices for your firm! If you don't have an accountant, feel free to use our ProAdvisor services to connect with an expert in your area. 

     

     

    Let me know if you have further questions! My team and I will be here to assist further. Take care.

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