Profit-Sharing savings cards allow you to reflect contributions to a profit-sharing plan, which will be added to the 401(k)/403(b) account bucket.
You can add profit sharing 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 > Profit-Sharing:
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 Sample1040).
