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C
claverty
Level 4
March 5, 2025
Question

new jersey SEP contribution

  • March 5, 2025
  • 1 reply
  • 3 views

A Partnership makes SEP contributions for its partners. They do not flow through to new jersey and reduce partners income or BAIT income. How is that adjusted

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1 reply

sjrcpa
sjrcpa
Level 15
March 5, 2025

Are they supposed to?

At the federal level this is a separately stated item and is deducted on the partners' personal returns. Wouldn't NJ follow suit?

And does NJ even allow a deduction for this? I know they have different rules about benefits.

The more I know the more I don’t know.
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