Anonymous
04/18/2021 18:21
Subject: SEP (retirement plan) and employer taxes
You might want to post this in the regular parent forum under Childcare. There are mostly nannies posting in this forum.
Anonymous
04/13/2021 18:05
Subject: SEP (retirement plan) and employer taxes
We'd like to help our nanny save for retirement, so would like to contribute $5,000 per year.
Establishing an SEP seems like a good strategy, because it wouldn't affect her taxes now, and when she retires, she would be in a much lower tax bracket (since she will return to her home country. She has a visa here now).
Several web sources i've seen suggest that a) the SEP contributions we make may be deductible, and b) there may be a $500 tax credit for the first three years we offer this product.
We've written our nanny payroll processor three times with no response (admittedly it's a busy time as many people are filing taxes).
Can anyone confirm that these contributiosn are tax deductible? And if so, where would we enter them on turbotax?
Thanks
Establishing an SEP seems like a good strategy, because it wouldn't affect her taxes now, and when she retires, she would be in a much lower tax bracket (since she will return to her home country. She has a visa here now).
Several web sources i've seen suggest that a) the SEP contributions we make may be deductible, and b) there may be a $500 tax credit for the first three years we offer this product.
We've written our nanny payroll processor three times with no response (admittedly it's a busy time as many people are filing taxes).
Can anyone confirm that these contributiosn are tax deductible? And if so, where would we enter them on turbotax?
Thanks