Yes, TurboTax Business will handle your SEP entries correctly if you entered the amount under Deductions >> Member Retirement Contributions and provided the specific allocations to the partners.
1. Yes, Schedule K Line 13E reports pension payments for the partners. Employee pension costs are reported on Form 1065 Line 18.
2. Yes, the net income for the year allocated to the partners is reduced by the SEP contributions. This total appears at the bottom of Schedule K under Analysis of Net Income (Loss) per Return.
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