dixontaxvt
Level 2
04-05-2022
07:13 PM
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My client will contribute to a SEP. He is a partner (1065) with SE income and also has a schedule c for a separate business with a loss.
The loss limits his maximum SEP contribution - but my understanding of a SEP in an even partnership is that both partners would need to contribute the same amount. Does his limitation because of the loss potentially also limit his partners 2021 contribution?