Employee Stock Ownership Plan (ESOP) savings cards allow you to reflect contributions to an ESOP, which will be added to the 401(k)/403(b) account bucket.
You can add ESOP savings into RightCapital within the Savings section of the Profile (or the Savings step of the initial data entry process) by clicking Add Saving > Other > Employee Stock Ownership Plan:
For salaried clients, all contributions are employer contributions. The contribution will be capped at the lesser of 25% of the client's salary, or the IRS maximum ($69,000 for 2024, plus $7,500 catch up for ages 50+).
With the 'Self-employed' box checked, all contributions are employee contributions. The contribution will be capped at 18.47% of the client's self-employment income, and contributions will be treated as Adjustments to Income (Line 16 of the Schedule 1, Line 10 of the Sample 1040).
