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- Partners' 401K contribution not pick up as guaranteed payment on Schedule M-1
Partners' 401K contribution not pick up as guaranteed payment on Schedule M-1
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Summer2021
Level 4
02-10-2023
06:49 PM
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I have a proseries input question.
My partnership client has guaranteed payment which includes medical insurance and 401K contributions. For medical insurance, the input was on Schedule K line 4 and line 13 with a code M.
However, for 401K contributions, the amount was included in Services in Schedule line 4a since it has no seperate line for 401K contributions. On Schedule K line 13, I put in a "R" code for 401K contributions.
Everything looks good except Schedule M-1 is off exactly by the 401K contribution.
Does anyone know how to fix this problem?
Thanks!
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