Your Schedule K-1 must show with code R in box 13 the total amount of contributions made through the partnership and with code A in box 14 your Net Earnings (Loss) From Self-Employment. In the follow-up to entering the box 13 code R amount, enter in the Payments to 401K (non-Roth plan) box the portion at was elective deferral and in the Employer Matching Contribution to 401K box the portion that was the profit-sharing contribution.
If the retirement contributions are reported incorrectly on the K-1, contact the preparer of the K-1 to obtain a correction. Otherwise, you can make entries directly in the Self-employed retirement section of TurboTax provided that your Schedule K-1 (Form 1065) shows with code A in box 14 the correct amount of net earnings from self-employment.
- Follow the path below to enter or edit your self-employment retirement contributions in TurboTax Online
- Sign in and click on Take me to my return.
- Click on Federal (left menu)
- Click on Income & Expenses (top menu)
- Scroll to Other Business Situations, see image attached
- Click Revisit next to Self-Employed Retirement Plans
