Form 1065 Schedule K-1 is not apply to retiirement Account?

Forum|Forum|3 years ago
April 3, 2023
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Last year 2021, I filled out th eForm 1065 Schedule K-1, when go to I2 box and the IRA/Sep/Keogh is checked. Then message says the Form 1065 is not apply to IRA account. Is it true?

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ThomasM125

You could have a SEP-IRA plan through a partnership, but that is a little bit different from an IRA account an individual would have. The money may go to the same account, but there are special rules about the amout that can be contributed to a SEP-IRA account, and the contributions would be made from the company, not you as an individual.

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cstalker

I am wondering if this situation applies to me, can you help me clarify. I have contribute personally to a sep-ira and I am owner of the SCorp, it has a pass-through income of $300K and I would like to deduct this sep-ira amount against the pass-through income to reduce taxes on net taxable income ($900K). How do I do this?

here is a link to an article I am using as reference.

What Is the Pass-Through Tax Deduction? | The Motley Fool