Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks for using JustAnswer.com!
Unfortunately, the only options available after last night are SEP-IRA, Simple IRA, and Traditional IRAs. The SEP-IRA and the Simple IRA offer the largest deferral options. However, under both the SEP and the Simple, your partnership will need to make employer contributions to plans set up for the other partner and any employees.
If there are other questions, please reply to this answer so that I may assist you further. If this answers your question, please rate my performance between OK and Excellent so that I may be paid. Thanks for your business.
Yet, am I correct in that the SEP and the Simple still won't work for me where my partner is not in a position contribute any of his compensation...we simply run all our fees through the partnership and pay ourselves accordingly...my current compensationis almost double his...any way to set up a SEP or Simple and have only one of us have deffered compensation put aside? I'm guessing I've sjust screwewd myself for the second year in a row... just too many other issues going at year end spaced it for second year in a row...mostly because its really my issue!
Thanks Phillip, I guess I knew the bad news going in was just hoping for some kind of workout...appreciate it. Happy New Year, good health to you and yours! K