Discussion:Simple IRA contribution by partner
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| Revision as of 19:38, 8 April 2008 Southparkcpa (Talk | contribs) (I wrestled with) ← Previous diff |
Current revision Vickytown (Talk | contribs) (Thanks Southpark) |
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| {{ForumReplyPost|UserID=Southparkcpa|Date=8 April 2008|Text=I wrestled with this 2 years ago and couldn't find anything against it. I assume ALL of his income from the k1 is subject to SE tax. Clealry need to make sure the plan is not discrimatory but I think you can. The income is ordinary to him on the K1, and he paid the SIMPLE outside the parnership? I don't like it but I think it can be done. You should fix it so it is through the partnership in all future years.}} | {{ForumReplyPost|UserID=Southparkcpa|Date=8 April 2008|Text=I wrestled with this 2 years ago and couldn't find anything against it. I assume ALL of his income from the k1 is subject to SE tax. Clealry need to make sure the plan is not discrimatory but I think you can. The income is ordinary to him on the K1, and he paid the SIMPLE outside the parnership? I don't like it but I think it can be done. You should fix it so it is through the partnership in all future years.}} | ||
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| + | {{ForumReplyPost|UserID=Vickytown|Date=8 April 2008|Text=Thanks Southpark. All income is subject to SE tax. He is making he max contributions through the Company for 2008. I really appreciate the help. I've been researching and researching, but havent found anything substantial.}} | ||
Current revision
Discussion Forum Index --> Advanced Tax Questions --> Simple IRA contribution by partner
Discussion Forum Index --> Tax Questions --> Simple IRA contribution by partner
| 8 April 2008 | |
| Partner in an LLC contributed $3,000 to the LLC's Simple IRA plan for 2007. The contribution was included in guaranteed wages. He wants to contribute enough to the Simple IRA to reach the maximum without going through the Co. He has enough in guaranteed wages, etc. but can he do this? | |
Southparkcpa (talk|edits) said: | 8 April 2008 |
| I wrestled with this 2 years ago and couldn't find anything against it. I assume ALL of his income from the k1 is subject to SE tax. Clealry need to make sure the plan is not discrimatory but I think you can. The income is ordinary to him on the K1, and he paid the SIMPLE outside the parnership? I don't like it but I think it can be done. You should fix it so it is through the partnership in all future years. | |
| 8 April 2008 | |
| Thanks Southpark. All income is subject to SE tax. He is making he max contributions through the Company for 2008. I really appreciate the help. I've been researching and researching, but havent found anything substantial. | |
