AlanWarsaw
Returning Member

1065llc

can one of the partners deduct their IRA contribution in the 1065 tax return?

dmertz
Level 15

Retirement tax questions

The deduction for any retirement contributions is taken on the partner's individual tax return.  If contributions were made to a retirement plan of the partnership, the deduction is passed through with code R in box 13 of the Schedule K-1 from the partnership to be claimed on the partner's individual tax return as a self-employed retirement contribution based on the earnings from self-employment shown with code A in box 14 of the Schedule K-1.