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Returning Member

1065llc

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

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Level 15

1065llc

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.