Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How do I report 401k deferrals/match contributions on partner K-1's (in regards to partnership 401k plan)?

taxlife10
Level 1

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? 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here