taxlife10
Level 1
02-25-2022
02:48 PM
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From my reading, I believe partner deferral and partnership match contributions to a partnership 401(k) must both be shown on the partner K-1's as Guaranteed Payments (box 4a), and also as a deduction on the partner K-1 (Box 13 code R - to be deducted on partner's individual return and not subject to FIT). However, I'm finding the software is double deducting these items, once as a guaranteed payment to partners and again as 'Other Deductions' with K-1 code R. If my understanding of the K-1 reporting is correct, how do I balance these items in the software to not over deduct on the partnership side?
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