I can't find where to enter my Schedule K-1 self-employment retirement plan contributions. How do I do this?

 
dmertz
Level 15

Retirement tax questions

You enter the amount shown with code R in box 13 of a Schedule K-1 (Form 1065) from a partnership in box 13 of TurboTax's partnership K-1 form.  TurboTax will then ask you to provide a breakdown of the code R amount.  These amounts will then automatically transfer to TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.

pitterPat19
Returning Member

Retirement tax questions

I am having a related problem: According to the accountant that prepared the K-1, "All items from Box 13, code R on the K-1 go on line 28 of form 1040 schedule 1 as Self-Employed SEP, Simple and qualified plans."  However, Turbo Tax is capping line 28 to 15,500, which traces back to the Keogh, SEP, and Simple Contribution Worksheet, which in Parts IV and V is limiting  the much higher 13R amount shown in Part I of the worksheet to 15,500.  Also, the 13R amount is a combination of different plans: (1) cash balance plan; (2)  retirement plan; and (3) 401k.  According to the accountant, "The voluntary 401k and retirement plan fall under qualified, defined contribution plans and the cash balance plan falls under the qualified defined benefit plan."  I am having difficulty figuring out which category(ies) these correspond to in TT (Keogh (sub-types deferred, profit sharing, etc); SEP; Simple; 401k, etc.) 

dmertz
Level 15

Retirement tax questions

pitterPat19, after you enter the code R in box 13 in step-by-step mode, TurboTax will ask you to supply the detailed breakdown of the amount.  Your defined benefit plan is a Keogh plan (select Defined Benefit as the Keogh plan type).  Your 401(k) elective deferrals go in the Payments to 401(k) (non-Roth plan) box and employer contributions go in the Employer Matching Contribution to 401(k) box, so the defined contribution plan amounts go in these two boxes .  TurboTax imposes limits on only the 401(k) elective deferral and employer contributions, not on the defined benefit plan contribution.

JenniferH
New Member

Retirement tax questions

For the details required for an entry from K-1, Box 13, Code R:

Which category should I use for Profit Sharing contributions?

Which category should I use for employer Profit Sharing contributions?

KristinaK
Employee Tax Expert

Retirement tax questions

It will depend on what type of contribution was made on your behalf by the partnership. Here are the possibilities:

 

IRA
Qualified plan
SIMPLE IRA
SEP

 

You will need to ask the partnership what type of contribution it was. Once you know and report it in TurboTax, you may be also be able to claim a deduction on line 15, Schedule 1 (Form 1040). 

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