Need some input on a client. He is in a partnership and receives guaranteed payments over 350,000.00. The K1 has information on the money he has put into three different retirements funds. 401K Profit Sharing Plan he put in 33,000.00.
In the Defined Benefit Plan he put 30,000.00
In the Nondeductible Roth he put 22,500.00
I am ok with the Nondeductible Roth amount from the research I have been doing. I am not finding the information I need about how much he can deduct on line 28 of the form 1040 for the other two pension plans. He is over 50 also.
Could someone help, Thanks so much for your time.
Natlalie
In the Defined Benefit Plan he put 30,000.00
In the Nondeductible Roth he put 22,500.00
I am ok with the Nondeductible Roth amount from the research I have been doing. I am not finding the information I need about how much he can deduct on line 28 of the form 1040 for the other two pension plans. He is over 50 also.
Could someone help, Thanks so much for your time.
Natlalie