I'm using TT Business.
My multi-member LLC has a 401k plan to which I will individually contribute as a partner. And the LLC will make a matching contribution.
In the Federal Taxes -> Deductions -> Compensation and Benefits section, there is the Member Retirement Contributions item. Is this for the LLC (=employer) matching contribution? And if so, should the Guaranteed Payments question above it include this matching 401k contribution or is it then counted twice as a Guaranteed Payment?
In the next section, Balance Sheet, the Income Reconciliation question appears to add the GP and the Retirement Contribution together as expenses that reduce the net income of the LLC. This would suggest that the GP entry under Compensation and Benefits should not include the Retirement Contribution.
I'm confused...
