what is max credit allowed for SEP/401k plan I have client that is a LLC SCorp. He stated that he had contributed 143K into SEP for self, I thought he could only get max of 50K credit allowed for his contribution, but his broker is saying that we need to give him the full contribution of 165K?
I got a revised contribution schedule from his broker and lists that he WILL have made contribution of 165K. He only contributed a total of 17K to 401K plan that covers him and 1 employee.
Please advise what I am to report as Employee Benefits on his Sch C? |