Thanks! The nutshell I get from this is that the profit sharing contribution does flow to the partners through respective K-1's and does not reduce the net income. My only problem is the lack of reconciliation. My version of TurboTax business does not appear to have a line 13(o) Is that the letter"O" as in "Oscar?"
On Form 1065 Schedule K (page 5, Partners' Distribute Share Items), I included the total of each partner's profit-sharing on line 13(e) under the heading for "Other deductions, Type "pensions and IRAs". Taxslayer at this URL: How do I Report Schedule K-1 (Form 1065) Box 13 Information? – Support suggests that line 13 code "O" as in "Oscar" is for Dependent Care benefits and are documented on Federal Form 2441.
According to my reading of the the IRS deductions, code R is supposed to appear on line 13(e), the "catch all" line. Instructions for Form 1065 (2025) | Internal Revenue Service.
However, putting the code R in line 13(e) means that on 1065 page 6 Line 1 Analysis of Net Income, I "subtract the sum of Schedule K, lines 12 through 13e. I read this to mean that I should include 13e in the total, deductible expenses for computing Net Income. I understand that I am not supposed to subtract partnership from Net Income, but I cannot seem to figure out where in TurboTax to indicate this without a reconciliation error.
If there is suppsosed to be a line 13IoO d
Thanks for any help.
