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How Do You Report Matching Contributions To A 401(k) By A Partnership On Behalf Of Its Partners On Form 1065? Do These Matching...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The contributions must be shown on the K-1 as Guaranteed Payments. Line 4 of the K-1. They would also be shown on line 13, code R. As a guaranteed payment, the amount would be included in taxable income. However,...   Read More
What Type Of Retirement Plans Are Available For Small Businesses?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Basically, there are two options. A SEP or SEP-IRA and a SIMPLE plan. SEP stands for Simplified Employee Pension, and may be used to fund an IRA for the business owner and employees. Hence, it is frequently...   Read More
Is There Tax Due On An Inherited 401k, Either State Or Fed Income Tax? Can I Roll This Over To An IRA Without Having To Pay Taxes On It? Do...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will have to pay Federal income tax on withdrawals from the 401(k). State laws vary, in some states, it would not be taxable. Pennsylvania does subject withdrawals to taxation. If you are inheriting the 401(k)...   Read More
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What Are The Exceptions To Penalty For Early Withdrawl From A 401K Or IRA?
User Photo Hongde Liu
Tax Professional Level: Tax Enthusiast

File Form 5329 with 1040. On Form 5329 Line 2, fill the amount with the exception code. The exception code can be...   Read More
My Client Left South Africa 5 Years Back. He Is Tax Resident USA (resident Alien) And His SA Pension Fund Pay Out Accrues Before Feb 2014 (...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

I have not checked the Tax treaty, but, normally what would happen in this situation is the client would include the income on his US tax return as if it was US pension or SSA benefits.  If the income he is...   Read More

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