kimshapiro100[at]yahoo.com wrote:

- quote -

He cannot establish an independent SEP based on K-1 income.
The SEP must be established by the partnership (in which
case, the deduction will appear on his return, but the money
to fund the SEP will come from the partnership).

Phoebe

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SEP IRA Question....pls urgent !

Whenever I see rules on SEP IRA contribution, it seems to
mention contributions are based on Sch C net income.

My brother in law gets a K1 from his partnership.

For SEP IRA contribution purposes is the K1 the same as Sch
C ? He pays SE tax on the K1 income.

Are the contribution calculations the same ?

Pls let me know

Thanks

Kim

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >