Limited Partner Guaranteed Payments + Retirement Plan Funding
I am an investment advisor with a small RIA and was granted a very small member interest in the entity which is set up as an LLC and choosing to be taxed as a partnership. By being granted this limited partner member interest my fee income is now reported to me as a Guaranteed Payment in Box 4 of a K1 instead of on Form 1099 NEC. As such, it moved the income to Schedule E from Schedule C. My question is, can I still classify this income as self-employment income and use it to contribute to my practice’s Solo(k) Plan?
Submitted by Jeffery Acheson on Wed, 2021-02-24 00:53