ombskid Posted April 3, 2019 Posted April 3, 2019 I active and 1 inactive partner in an LLC taxed as partnership. DB plan contribution generally is not supposed to create a loss, (I can't find the thread on that subject but I believe there is at least one) to a sole proprietor. Is it also true to a partnership where profit & loss pass through to 1040?
Calavera Posted April 4, 2019 Posted April 4, 2019 Yes it is true. The deduction is taken on 1040 against earned income from partnership, and can not create a loss. See IRS publication 560 for more details.
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