Solved: smart check bug - Keogh/SEP/Simple contribution wo...
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Level 2

smart check bug - Keogh/SEP/Simple contribution worksheet: Line 6a

2020 tax year product, The full message is "Keogh/SEP/Simple Contribution Worksheet: Line 6a, Taxpayer elective deferrals to an individual 401(k) plan should not be greater than $19500"   The amount on the line is not greater but is equal to the value and the smart check flags this as an error, if I zero it out the error goes away but then another error comes up because the sum of the contributions does not match the total, catch up + Employer match + employee elective deferrals 

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Accepted Solutions
Level 2

smart check bug - Keogh/SEP/Simple contribution worksheet: Line 6a

With the help of a fellow partner I identified the issue. It is an entry issue during the interview for my K-1.

when entering any Employer contribution reported in box13 code R of your K-1, make sure to enter it on the line shown and NOT the line above.  Although it is not exactly a "matching contribution" in my case it is an employer profit share,  if entered in the line above TT assumes it is employee elective deferral and then generates the erroneous error described in the post above.

Box 13 code R.JPG

View solution in original post

1 Reply
Level 2

smart check bug - Keogh/SEP/Simple contribution worksheet: Line 6a

With the help of a fellow partner I identified the issue. It is an entry issue during the interview for my K-1.

when entering any Employer contribution reported in box13 code R of your K-1, make sure to enter it on the line shown and NOT the line above.  Although it is not exactly a "matching contribution" in my case it is an employer profit share,  if entered in the line above TT assumes it is employee elective deferral and then generates the erroneous error described in the post above.

Box 13 code R.JPG

View solution in original post

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