Prospective client is a partner in a business Partnership. Wants to save 2007 taxes but probably can’t do a deductible IRA, and if he could, prefers to do more than $5,000. The partners take draws but no W-2 salary. Can the partnership still set up a SIMPLE IRA and the one partner defer $13,000 (he’s >A50) plus the either 3% match or 2% non-elective?
Thanks
CS