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E
Eug
Level 2
March 30, 2024
Question

IRA contribution

  • March 30, 2024
  • 1 reply
  • 18 views

For a single member LLC in order to expense the company owner IRA contribution on schedule C does it have to be contributed from a company name / FIN?

Can sole-proprietor who contributed to IRA from his name / SSN expense it on his schedule C or it can be only deducted as an adjustment to income? 

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    1 reply

    dkh
    dkh
    Level 15
    March 30, 2024

    A SMLLC member's IRA contributions are not Sched C deductions

    A Sole proprietor's IRA  contributions are not Sched C deductions

     

     

      E
      EugAuthor
      Level 2
      March 30, 2024

      then what kind of expense is "Pension plans" contributions listed on schedule C is for?

      dkh
      dkh
      Level 15
      March 30, 2024

      Have you looked at the IRS instructions for this?    

      That would be for the employees.

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