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Partnership Roth 401k contributions, really a deduction?
My partnership made Roth 401k contributions for its members. It shows up on the K1 as Line 13 Code R. But Line 13 says Deductions, and a Roth 401k isn't deductible. So is that the right place for it?
Also, the partnership should not take a deduction on 8825 for it, correct? That makes sense to me because it were a traditional 401k contribution I would deduct it from my K1 income on my personal return, but since it's a Roth IRA I don't. The partnership has to include it in income or it would never be taxed.
‎August 25, 2024
12:31 PM