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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 638
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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I am involved in a partnership with one other individual...we

Resolved Question:

I am involved in a partnership with one other individual...we both recieve different compensation based on the clients we brought in originally but now split evenly new revenues created going forward...my partner is not in a position to defer $ right now but I would like to (I believe I'm too late now with a 401K, etc. for 2012) is there any easy solution to defering $ for myself other than the limits this year for my spouse and my ira's (she doesn't work outside the home)...feel stupid I didn't address this weeks ago! But wondering if there is any solution to deferal for me right nnow for 2012? Thanks, kevin
Submitted: 1 year ago.
Category: Tax
Expert:  Phillip B, EA replied 1 year ago.

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.

Customer: replied 1 year ago.

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!

Expert:  Phillip B, EA replied 1 year ago.
If there are no funds available to make a contribution for the other partner, the your only option is the traditional IRA. Sorry for the bad news.
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 638
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Phillip B, EA and 8 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

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


 

Expert:  Phillip B, EA replied 1 year ago.
Same to you. Thanks

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