Permalink Submitted by Alan - IRA critic on Thu, 2013-02-07 19:57
Yes, the only affect on your IRA will be that you become a participant in a qualified plan and therefore will have modified AGI limits over which you cannot deduct the TIRA contribution.
Permalink Submitted by mk foss on Sat, 2013-02-09 02:41
Is this a single member LLC? Normally you need SE income to support a retirement deduction. If the LLC is a property management company, I think it qualifies. If the LLC is just holding title to the owner’s rental real estate, a qualified plan might not be a possibility.
Permalink Submitted by Alan - IRA critic on Thu, 2013-02-07 19:57
Yes, the only affect on your IRA will be that you become a participant in a qualified plan and therefore will have modified AGI limits over which you cannot deduct the TIRA contribution.
Permalink Submitted by mk foss on Sat, 2013-02-09 02:41
Is this a single member LLC? Normally you need SE income to support a retirement deduction. If the LLC is a property management company, I think it qualifies. If the LLC is just holding title to the owner’s rental real estate, a qualified plan might not be a possibility.