SIMPLE IRA Contribution
Business owner in a Partnership does not take a salary, however takes distributions reported on K-1.
Can he contribute to a SIMPLE IRA and provide a match.
Owns 99% of the Partnership
There are employees at the company as well. Not likely to contribute to the plan.
Permalink Submitted by William Tuttle on Thu, 2021-02-04 01:22
Partners are not W-2 employees and do not receive a salary. See IRS Publication 560 and the IRS online SIMPLE IRA FAQ.