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  • 1.  401K/IRA contributions

    Posted 04-12-2017 03:14 PM
    Hi-  Have a client who is a active partner in a partnership.  His portion of the partnership income is $180,000 which is classified as self-employed income.  The partnership made the maximum $18,000 contribution on his behalf.  On his personal return in addition to reporting this $18,000 contribution is he entitled to make a $5,500 IRA contribution or a SEP IRA contribution up the differential between $18,000 and approx 20% of $180,000?

    Thanks in advance for the advice

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    Jay Gordon
    Lynbrook NY
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