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Defined Benefit Contribution
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AL04
Level 1
06-12-2020
04:59 PM
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A partnership made a defined benefit plan contribution (i.e. cash balance plan) on behalf of a partner. The partnership suffered a net ordinary loss (in another word, no self-employment income). The K-1 issued to the partner showed an amount on Line 13R. Can the partner deduct the amount from line 13R on his 1040? Is defined benefit plan contribution subject to the "earned income" limitation? Remember this is not a defined contribution plan like a SEP. Thank you!
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1 Comment 1
George4Tacks
Level 15
06-16-2020
10:56 AM
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Yes, that is the blessing and the curse of DB pension plan.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
