Your 401(k) plan contributions for the year are made up of contributions you had deducted from your paycheck and the employer contributions to your account,
It appears you contributed $25,500 from your paychecks and this reported on your Form W2. Your company contributed another $38,000 which is deductible as a business expense reducing the net income passing through to your individual return as taxable income on the K1.
You are receiving the pretax benefit of the $38,000 company contribution plus the $25,500 personal contributions and still have a $30,000 tax liability on your personal return.
