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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- How to input $5000 partner 401k contribution and partnership $5000 matching contribution on a K-1
How to input $5000 partner 401k contribution and partnership $5000 matching contribution on a K-1
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meezafinancial
Level 2
03-05-2024
10:39 PM
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A partnership created a 401K for its 2 partners. The partner contributed $5,000 and the partnership matched the contribution with $5,000, so $10,000 in total. How do you input this in ProSeries Form 1065 and the K-1 of the partner?
When I input on partners K-1 line 13d code R, it limits the deduction to $6,000 which should not be the case as this is not an individual IRA contribution. The 2023 limit for partners is $22,500.
Also, when I put $10,000 on K-1 line 13d code R, I get an error of out of balance by $10,000
Anyone have this problem or know how to resolve
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