taxman13
Level 1
10-12-2019
10:14 AM
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Client received a 2018 K-1 with supplemental page showing Box 20, code AH and under the description it says 401(k) Contribution $21,273.
Lacerte tax program is picking this item up on line 10 form 1040 and subtracting it from the total taxable income as it is stating it is a DPAD 199A (G). Now I would say it is an allowed deduction like a SEP contribution for an individual who puts monies away if they are a schedule C businees but not sure if this is picking it up correctly or maybe I just reflected it on the wrong line and it is a deduction but it needs to be entered under adjustments line 28 Schedule 1 which will flow properly to form 1040.
Any thoughts?