have a partnership (llc) who has a dcp/dbp plan for all partners (there are no employees). these are the 2023 contribution amounts as laid out by the actuary, which are to be paid by 9/15/2024:
dcp (employee contribution) - 22,500
dcp (employer contribution) - 6,726
dbp (employer contribution) - 142,599
i'm struggling to understand how to account for this on the tax return and bookkeeping.
2023 personal return - does the partner have a deduction of 171,825 on 1040 schedule 1 line 16 "self employed sep, simple, and qualified plans"
2023 partnership return - nothing reported as it was paid in 2024, just a footnote detailing the the 171,825 deduction to take on 1040 schedule 1 line 16
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2024 personal return - nothing reported, was already deducted in 2023
2024 partnership return - 171,825 of cash was paid, so the offsetting entry is to the corresponding partner capital account?
thanks in advance for your help!