I go through this every September, preparing one last S-corp and one last partnership, just alike enough that the differences confuse me so much I can't even understand my notes from a year ago.
Partnership. Husband and wife partners. P pays W guaranteed payments. Plus Health Insurance, that gets added to GP, right? And, now HSA, add to GP, also? All will end up on her K-1 as SE income?
Partnership paid SIMPLE $11,500 + $1,606. I always struggle over this. (Wish I did several of these to pound it into my head, but my earlier partnerships have SEPs; only the tardy S-corp has a SIMPLE.)
Individual return for the couple. Does the $11,500 end up above the line? Does the $1,606 go over to personal? Does the HSA go above the line?
Was up really late the last several nights, and it's as if I never prepared this return before! Of course, the muscle relaxant for my back also acts on my brain.
Partnership. Husband and wife partners. P pays W guaranteed payments. Plus Health Insurance, that gets added to GP, right? And, now HSA, add to GP, also? All will end up on her K-1 as SE income?
Partnership paid SIMPLE $11,500 + $1,606. I always struggle over this. (Wish I did several of these to pound it into my head, but my earlier partnerships have SEPs; only the tardy S-corp has a SIMPLE.)
Individual return for the couple. Does the $11,500 end up above the line? Does the $1,606 go over to personal? Does the HSA go above the line?
Was up really late the last several nights, and it's as if I never prepared this return before! Of course, the muscle relaxant for my back also acts on my brain.