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Business & farm
Great, I appreciate the general information but would love the specifics. In the original author's case:
"
My wife and I have a partnership LLC with no employees. This is our only earned income. We have a Individual (solo) 401K with Vanguard. Based on the calculation from PUB 560, chapter 5 (Table and Worksheets for the Self-Employed), we can have a employer contribution (profit sharing of 9288). In addition we want to make an employee contribution of 25,000 (19000 plus 6000 catch up).
"
What number should be on form K1 Box 13 Code R?
What number should be on form 1040 Schedule 1 line 15?
March 8, 2021
7:14 AM