I haven’t made any 401k deposits for my wife and I (business owners) even though we have deferred from payroll ($18k each for 2023). We made all deposits on time for the employees. Is that okay or is there any penalty for this?
I haven’t made any 401k deposits for my wife and I (business owners) even though we have deferred from payroll ($18k each for 2023). We made all deposits on time for the employees. Is that okay or is there any penalty for this?
https://www.irs.gov/retirement-plans/401k-plan-fix-it-guide-you-havent-timely-deposited-employee-elective-deferrals
You should talk to your 401k record keeper