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Discussion Forum Index --> Tax Questions --> Partner with 401k contributions but no salary
Bobw12 (talk|edits) said:
| 23 May 2007
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| I'm working on a partner in a partnership who did not draw any salary, his net income is showing on the K-1. However he did make 401k contributions. Since there was no salary does this mean the 401k deduction that would normally appear on the W-2 is lost?
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Blrgcpa (talk|edits) said:
| 23 May 2007
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| A partner in a partnership doesn't get a salary or W-2. They are taxed on the the income of the partnership on the K-1.
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Bobw12 (talk|edits) said:
| 23 May 2007
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| I see, the SEP may have been the better way to go. Well in this particular case a 401k was established. Does this equate to a lost deduction?
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