Question 2 of 75. a SIMPLE IR Wen contribution, tst toe proprietor with one empi

Question

Question 2 of 75. a SIMPLE IR Wen contribution, tst toe proprietor with one empire hem ai A in which she matches sa a reduction contributions a he rate of 3% o ai the employees e pensation. where on her and where does she report the contribution she makes on behalf of her employee? 0 Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040, the matching contribution she makes on behalf of herself and her employee, as well all reported on Schedule C Wendy's own salary reduction contribution and her own emplayer match are both reported an Form 1040, the matching contribution she makes to her employee's SIMPLE IRA is reported on s Wendy's own salary reduction contribution is reported on Form 1040; the matching contributions for herself and on behalt of her employee are both reported on Schedule C

Explanation / Answer

Solution: Option C, Wendy's own salary reductions contribution and her own employer is reported on Form 1040, the matching contribution she makes for her employees SIMPLE IRA is reported on Schedule C
Explanation: On line 28 of Form 1040 report both the salary reduction contributions and employer contributions (non-elective or matching). Also reported on Schedule C

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