Pammie57 Posted May 20, 2021 Share Posted May 20, 2021 We got a new client this year. The owner gave us his information and he took huge losses (due to COVID) on his Schedule C. He did have a net profit on his rental income on Schedule E. If I am thinking clearly though - passive Schedule E rental cannot be counted for compensation for a retirement plan? Is there any loophole? He deferred every week and maxed himself out for 2020. Any guidance is appreciated. Link to comment Share on other sites More sharing options...
Lou S. Posted May 20, 2021 Share Posted May 20, 2021 Sounds like a 415 excess correctable under EPCRS. He has $0 415 compensation his 415 limit is $0. Check your document for waht happens when you have a 415 excess, you probably refund the deferrals with earnings. Pammie57 and Appleby 2 Link to comment Share on other sites More sharing options...
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