<avacohen100[at]yahoo.com> wrote:

- quote -

It's on the surface correct -- in this situation, the
partnership is the employer and makes the contribution,
which is then passed through to the partner and reported on
the partner's 1040. See Pub 560.

A Schwab QRP has an EIN associated with it. I would first
check to see if this EIN is associated with the partnership.

You almost certainly want a tax pro to sort this out.

Steve

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

My Brother in law runs a small business - partnership (with
his wife).

He has been using his K1 as the basis for contributions to
his "Profit Sharing" QRP Keogh Plan. No employees in the
business. It is a small consulting business.

Business is not regular, it is sporadic. He has business
some months and some months are lean.

He has no salary and receives no W2 or 1099.

At the end of the year he calculates his profit and sends
his Keogh contribution for the year.

The K1 is his profit in the business.

Now Schwab tells him that he cannot use his K1 as the basis
to formulate his contribution to his profit sharing Keogh.

Is that correct ?

Pls help ....

Thanks in advance,

Ava

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >