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Level 7
August 4, 2022
Solved

SIMPLE retirement

Can SIMPLE retirement plan be set up for client who has an AirBNB LLC with net income.

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IRonMaN
IRonMaNAnswer
Level 15
August 5, 2022

Then the partnership needs to setup the plan.

Slava Ukraini!

7 replies

IRonMaN
Level 15
August 4, 2022

Yes, if you are reporting the income on a schedule C.

Slava Ukraini!
GretaAuthor
Level 7
August 4, 2022

Income is reported on a partnership return 1065. My client is one of partners.

IRonMaN
IRonMaNAnswer
Level 15
August 5, 2022

Then the partnership needs to setup the plan.

Slava Ukraini!