Question
Partner K-1 401(k) not on box 13 code R -??
I have a long time client that made partner in his firm last year so now he gets a K-1 with guaranteed payments instead of a W-2. He contributed 19,500 to his 401(k) from his guaranteed payments and the partnership matched 11,400 out of the partnership's funds. This is a total of 30,900. The 30,900 is included in his guaranteed payments (box 4) and as self employment earnings (box 14a) which I understand is correct. However, there is nothing in box 13 code R. Instead the K-1 provides this information as a "footnote" and not reported to the IRS. Does my client need to have his K-1 corrected to show the 401(k) contributions in box box 13 code R or can we just put the 30,900 on schedule 1? (This is first time I've had this issue)
