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Discussion Forum Index --> Advanced Tax Questions --> SEP-IRA, SCORP Reporting
Discussion Forum Index --> Tax Questions --> SEP-IRA, SCORP Reporting
Praheja (talk|edits) said:
| 12 April 2008
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| Do we need to report the Sep-IRA contribution from S-corp on the shareholders K-1's, it is deducted as a line item deduction on 1120-S ? Also, can the shareholder qualify to do Traditional IRA as well on there personal tax return ?
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JR1 (talk|edits) said:
| April 12, 2008
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| It's part of the page 1 1120S items, and yes, they can have an IRA if their income is low enough. They're covered in a retirement plan, so the same rules apply.
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Praheja (talk|edits) said:
| 12 April 2008
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| Thanks JR1, I would like to know if it needs to be reported on the K-1 of the shareholder.
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JR1 (talk|edits) said:
| April 12, 2008
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| The W2 should be marked, tho'. Interesting, when it comes this late, that's not possible.
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