ROBS plan business owner took salary with no operating income

Forum|Forum|3 years ago
October 6, 2022
2 replies
7 views

2021 W-2 filed for the owner who also paid all of his truck lease payments from his new dog breeding business, funded from his 401k, which never received any income and is now being terminated.

Any suggestions?

Lacerte Tax

This topic has been closed for replies.

George4Tacks

Level 15

What do you see your involvement in this process to be?

Take the W-2 and file the 1040?

Inquire as to the type of entity the new dog breeding business was and file for that entity?

What is being terminated? The new business or the 401K?

Are you going to do all the required filings for the ROBS?

Are you going to suggest they go down the road and find someone more experienced?

I am from the Socratic School of Tax Preparation.

Answers are easy. Questions are hard!

PhoebeRoberts

Intuit Community Champion

"I am from the Socratic School of Tax Preparation."

Will the person who prepares these returns eventually be eyeing a cup of hemlock? 😆

qbteachmt

Level 15

"Any suggestions?"

Where did you want to start?

What a shame.

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