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How does this work. I have a partnership. two partners, no
i have a partnership. two partners, no employees. we have a 401k plan. i have most of my income coming in as Guaranteed Payments. I did an elective deferral of $18k from this income. On the K-1, to me the correct treatment is for the Gauranteed Payments to all be included in Box 4, and for the 401k elective deferral to be reported in Box 13 code R. However, if this is done, our CPA tells me that my partner's capital account analysis (Part II line L) gets messed up with a double-deduction of the 18k. The current year decrease ends up counting the 18k twice. What is the proper treatment of this on the K-1? … read more
Lev
Lev
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Bachelor's Degree Equivalent
27,931 satisfied customers
I am a member in a LLC. My K1 shows losses in box 1 but I
Hi,I am a member in a LLC . My K1 shows losses in box 1 but I also got guaranteed payment in the amount of $20K (box 4) . Does the guaranteed payment are subject to self employment tax? My partner say… read more
Lev
Lev
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27,931 satisfied customers
If I have an amount on form K-1 (1065) box 13M for health
If I have an amount on form K-1 (1065) box 13M for health insurance. Does that get deducted on form 1040 line 29?From a tax perspective my self employment income is higher by this amount but the amoun… read more
Lane
Lane
JD, CFP, MBA, CRPS
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I have a couple of questions on how solo 401k contributions
I have a couple of questions on how solo 401k contributions to partner need to be entered on partnership 1065 form … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I'm trying to figure out how a partnership "deducts"
I'm trying to figure out how a partnership "deducts" contributions to a partner's retirement plan … read more
Lev
Lev
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Bachelor's Degree Equivalent
27,931 satisfied customers
I am helping a friend who is a partner in a partnership to
Hi, I am helping a friend who is a partner in a partnership to prepare his 1040 tax return.In 2016, the partnership paid for my friend medical insurance premium. These amounts are listed on his K-1 as… read more
ABC Accounting Group
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My client has LLC (partnership tax treatment). Based on the
My client has LLC (partnership tax treatment). Based on the operating agreement one of his partners needs to be reimbursed for health insurance. 1. In 2015 partnership did not have any income (only ex… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a K1 from a partnership that shows an ordinary loss.
I have a K1 from a partnership that shows an ordinary loss. The partner however has no invested cash or property just knowledge. How do I report on return… read more
PDtax
PDtax
Owner
Master's Degree
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Hi,A few questions on a partnership (hope its not too much):1)
Hi, A few questions on a partnership (hope its not too much): 1) Capital and basis: are basis and capital different? does a personal loan by a partner which was contributed to the business increase th… read more
jgordosea
jgordosea
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I am calculating a domestic production deduction for a partnership.
I am calculating a domestic production deduction for a partnership. certain expenses do not appear on page one of form 1065 but are taken directly to schedule K-1. Such as section 179 deduction, guara… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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When a partners draw exceeds the basis he has in the company,
When a partner's draw exceeds the basis he has in the company, how is that reported on the K-1? In "other income?" And coded as? Thank you in advance for any help you can provide me.… read more
jgordosea
jgordosea
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Bachelor's Degree
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LLC partnership has 401-k plan. Partnership pays $10k as a
LLC partnership has 401-k plan. Partnership pays $10k as a salary deferral. The $10k would be reflected as a guaranteed payment and on line 13(code R) of the K-1. Am I correct>?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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At the beginning of 2013 I formed an LLC with one additional
At the beginning of 2013 I formed an LLC with one additional member (as such, we are a categorized as an LLC partnership). My questions relates to our tax situation. First, we do NOT have any employee… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I am preparing a 1065 - Among 6 of the members , I need help
I am preparing a 1065 - Among 6 of the members , I need help with 2 of the members -2 couples have their ownership and MR & Mrs as tenants by the entirety. I know that each spouse of both couples will… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am setting up an LLC with a partner in WA. I am investing
I am setting up an LLC with a partner in WA. I am investing 200K and have 95% equity and he has 5%. I will not be taking a salary, whereas he will (approx 140K/yr). What is the best way of structuring… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,931 satisfied customers
Is it preferable to initially fund a company as a loan or as
Is it preferable to initially fund a company as a loan or as a basis in the company? (to give context, it is a multi-member LLC (4 partners) but only one person (me) is contributing funding while all … read more
Lev
Lev
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Bachelor's Degree Equivalent
27,931 satisfied customers
Can a person contribute to a 401K with payments received through
Can a person contribute to a 401K with payments received through "guaranteed payments" from his Partnership… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,931 satisfied customers
I have paid myself through my llc but have not reported those
I have paid myself through my llc but have not reported those wages to the irs. The llc files as a partnership. How do I show these payments on my personal tax return? Also how do I show payments on t… read more
JKCPA
JKCPA
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