Bryan asked 2 years ago
I have a single member LLC which started Jan 2022. Filed 2553 to be taxed as Scorp. I have been holding off on hiring anyone until 2023 just so I can get a large sum into a solo 401K. My accountant is giving me info that I question the accuracy of. I will need to hire someone full time in 2023 and would love to be able to hire someone part time right now. My questions are
Could I hire someone part time right now? My accountant is telling me if I put anyone on payroll who is not my spouse or over the age of 21 I become ineligible for a solo 401k the second I do so.
Come Jan 2023 if I bring on a full time employee at what point do I lose my eligibility? Is it the day I hire someone or after a certain amount of hours?