Have s Sep question for an individual that is self-employed and is also a 30% general partner in a partnership. The partnership doesn't have a retirement plan and the partnership is not part of a controlled group and the sep plan is for the sole proprietor only.
Does the loss from an active partner's k-1 reduce the net earnings from on unrelated sch. c in calculating sep contribution for the sch. c?
I thought If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan and the allowable contribution was calculated only with the business with a qualified plan?
Thanks in advance for any response and help in educating myself.