Question
SOLO 401-K PARTNERSHIP
Hello, everyone. I have a question regarding a partnership owned 50/50 by a married couple.
The husband participates in an employer-sponsored 401(k) plan through Amazon. The wife does not have another 401(k) plan, and a $12,000 contribution was made to a Solo 401(k) on her behalf.
When I enter the $12,000 contribution on pages 5–6 of Form 1065 in ProSeries, the program automatically allocates $6,000 to each partner’s Schedule K-1. However, the entire $12,000 should be reported only on the wife’s Schedule K-1 in Box 13, Code R.
How can I specially allocate the entire $12,000 contribution to the wife’s Schedule K-1 instead of having ProSeries divide it equally between the two partners?
