I had a question on the reporting of a simple IRA for a partnership. Assume the partners contribute 10,000 each to the Simple IRA, and the partnership matches 3,000 each. Also, each partner takes out 100,000 in draws during the year.
For reporting on the 1065, does the 26,000 simple contribution go on schedule K line 13 with the code Q? Do the distributions on line 19 of schedule K equal the 200,000 in draws or the 200,000+26,000? Thanks