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Discussion Forum Index --> Tax Questions --> LLP Box 20Q - Pension Deduction
Lois (talk|edits) said:
| 15 June 2006
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| I have a member of an LLP that has $20,000 noted in box 20 Q Pension Deduction. Do I deduct that amount on the 1040? If so, what type of pension?
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WesR (talk|edits) said:
| 16 June 2006
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| Hi wont matter for preparation of form 1040 all types get reported on line 28. I would input as a profit sharing plan and if the software calculates a lesser amount due to the % limitations of s/e income I would override or put in as a DBP because the plan may be a 401k plus a p/s contribution that taken in total may exceed the % limitations your software is assuming. One has to assume that the partnership plan is properly calculated and your partner can take the full amount. bye
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Lois (talk|edits) said:
| 16 June 2006
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| Thank you - that's what I finally decided also. Nice to have confirmation.
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