The related income is flowing thru from a partnership..... the deductions for the partners is appearing on the 1040. Which return(s) need to be extended.... 1065, 1040 or both???
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The "to delay retirment contributions" is not something I understand, but if I understand your question right, both. Had a partnership a few years ago that the previous CPA extended, but they did not get an extension for the personals (can't do till partnership is done) So the partners had penalties, 3 of them, not happy. -
If it's a SEP, they can make the contributions until the extended due date.
My solo-k allows employer contributions until the extended due date (one of the reasons I extended-just to allow for more time to tweak the contribution).Comment
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It's a solo-k .... so did both the 1065 and the 1040 need to be extended?Originally posted by joanmcq View Post
I ended up extending both ....... the next question is whether the profit sharing contribution has to be made before the returns can be filed. Can I file the 1040 to get the refund and use it to make the contribution?Comment
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