jkharvey Posted January 22, 2007 Posted January 22, 2007 Parntership loses one of its partners. This partner left 8/2005. There is still a k1 for this parnter for ther 2006 year. he did not work any hours in 2006. He only has k1 earnings. Is he still considered employed for allocation purposes? No 1000 hour or last day requirement. I think that since he actually left in 2005 and did not work an hour in 2006, he is not eligible.
stephen Posted January 23, 2007 Posted January 23, 2007 Questions to ponder: Did he defer into the 401(K) Plan? Will the partnership be reducing his K-1 so he is paying his share of the partnership contribution?
Kevin C Posted January 23, 2007 Posted January 23, 2007 Does he have any section 415©(3) compensation for the 2006 year? Is any of that K-1 amount attributable to personal services he provided to the partnership?
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