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Retirement tax questions
Compensation from the S corp that will support an IRA contribution is the amount shown in box 1 of the W-2 that you should have received from the S corp if you provided services to the S corp. The S corp is required to pay a reasonable wage.
Nothing shown on a Schedule K-1 (Form 1120-S) is compensation that will support an IRA contribution.
‎April 1, 2024
4:52 PM