Have any of you had a Sole Prop Sch C (LLC) with a Solo K plan? If so, did you take a deduction on their Sch C for pension plan and also, a deduction on front of 1040 to lower AGI?
My client put $20,000.00 in his Solo K as employer and also put additional $15,500.00 in as employee for 2007. First one I've had and wanted to know if anyone else has had these yet?
Thanks for any advice. And, yes he had enough income on his Sch C and even after deduction of $20,000.00 still had a profit of $37,000.00
My client put $20,000.00 in his Solo K as employer and also put additional $15,500.00 in as employee for 2007. First one I've had and wanted to know if anyone else has had these yet?
Thanks for any advice. And, yes he had enough income on his Sch C and even after deduction of $20,000.00 still had a profit of $37,000.00
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