Level 2

LLC Partnership (2) Partners no employees

LLC 2 partners how to set up simple IRA accounts for deductions and match for one partner.

does it have to be draw from partners equity account including match amount,

or can it setup as retirement account, or tracked in payroll as employee as an expense.

I have been looking at the posts but all seem to refer to having employees which we do not have.

 I have seen some individuals taking time to give a detail explanation to posts and really think it is a great display of being helpful.

Thank you.

 

Solved
Level 15

Taxes

partnerships do not pay a salary to partners

An IRA account is personal savings, it does not belong in the business chart of accounts. So the total amount withdrawn would come from equity drawing.

 

Beyond that, you really need to get with a tax accountant for this one.  

View solution in original post

Level 2

Taxes

Thank you

Level 2

Taxes

How would you record that it still is drawn from checking account