3 New 401(k) Startup Tax Credits

Michael Ruger - Greenbush Financial Group

Подписаться 22 тыс.

50% 1

When Congress passed the Secure Act 2.0 in December 2022, they introduced new tax credits and enhanced old tax credits for startup 401(k) plans. There are now 3 different tax credits that are available for startup 401(k) plans that were put into place to help companies to subsidize the cost of sponsoring a retirement plan and also to subsidize employer contributions made to the employees to enhance the company’s overall benefits package. Here are the 3 startup 401(k) credits that are now available to employers:
Startup Tax Credit (Plan Cost Credit)
Employer Contribution Tax Credit
Automatic Enrollment Tax Credit
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
Visit our website: www.greenbushfinancial.com/
Subscribe to our channel for more financial planning tips: / @greenbushfinancialgroup
#401k #greenbushfinancial

Опубликовано:

30 мар 2023

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 4

@lunamorris2091 9 месяцев назад

Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.

@smimomo52 8 месяцев назад

So, hypothetically, couldn’t a company make a $1,000 NEC to each employee immediately and get a tax credit for each of those, even if the employee opts out of Elective Deferrals, as long as the employee is eligible for the plan? In other words, if a company with 50 employees has a plan that allows for immediate eligibility for all employees, could the company contribute a total of $50,000 in NECs and thereby receive $50,000 in tax credit?

@theanimeaccountant1472 Год назад

What form do you use for the $1,000 401k match credit?

@greenbushfinancialgroup Год назад

Typically 401k startup tax credits are claim on IRS form 8881 but I have been told they have yet to update the form for Secure Act 2.0 (Comment is for education. Not advice)