My company offers profit sharing to employees which vest 20% every two years. Although we may have the option to, the employees don't contribute any monies, only the employer does. My boss could not tell me whether the profit sharing plan is considered "an employer's tax-qualified retirement plan" which would prevent me from deducting my contribution to a traditional IRA. Does anyone know whether profit sharing that employees do not contribute to but will ultimately benefit from would be a "tax-qualified retirement plan"?Thanks!
There is a box that will be checked on your W2. Greg
You mean the box indicates whether I participate in a qualified employer retirement plan?Thanks for your help
pblakeney,is your name a reference to the Scarlet Pimpernel?-Agg97
Yeah =0) Liked the book?
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