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Returning Member
posted Apr 4, 2020 9:23:27 AM

1065llc

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

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1 Replies
Level 15
Apr 4, 2020 11:26:48 AM

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.