Guest Max Power Posted October 8, 2004 Posted October 8, 2004 A sole prop farmer wishes to establish a DB plan. His income is schedule F income. I've never even seen a schedule F. The farmer's accountant wants a specific code citation in reference to fica and db contributions for determining when the fica amount is segregated. My response was that fica is segregated from earned income first, then the sole prop farmer makes a db contribution from that taxed amount. Would someone please steer me in the right direction re the appropriate citation for segregating fica and schedule F?
david rigby Posted October 8, 2004 Posted October 8, 2004 http://www.irs.gov/pub/irs-pdf/f1040sf.pdf Could it be here? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest dsyrett Posted October 9, 2004 Posted October 9, 2004 To my knowledge, the calculation is the same as in dealing with a Schedule C.
Guest Max Power Posted October 12, 2004 Posted October 12, 2004 Thanks for the help folks I appreciate it. Now I have to go home and be sick b/c the flu is back in WI.
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