How do I enter 2021 SIMPLE IRA contributions via a Partnership that do not show on Schedule K-1?

Forum|Forum|5 years ago
February 28, 2021
2 replies
21 views

I am in a Partnership LLC and received a K-1. We have a SIMPLE IRA plan and Line 13, Code R shows the contributions that occurred in 2020. However, the company also made an additional matching contribution in calendar year 2021 AFTER the K-1 was issued.

How do I enter this additional contribution in TurboTax?

Do I simply fudge the 13-R number or is there somewhere else to enter this?

Thanks.

TurboTax Home & Biz Windows

WendyN2

Level 9

Since this K-1 information flows through your 1040, you can enter this additional contribution in the Simple IRA Plan Contributions section. From anywhere in the program, click on the magnifying glass at the top right of your screen and enter in the field shown "Simple IRA Contributions" - the first line will give you the option to "jump" to that section.

jdseymourAuthor

Level 2

I've encountered the same confusion this year as last (see my original question).

However, the magnifying glass trick does not seem to work. How can I correct this?

Thanks.

HopeS

Level 8

Report both your salary reduction contributions and employer contributions (non-elective or matching) for yourself on Part II - line 15 of Form 1040 Schedule 1.

See below detail instructions:

Where to Enter SEP IRA Contributions

@jdseymour

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jdseymourAuthor

Level 2

Thanks, but those instructions are for the online edition and I'm using the desktop version.

AliciaP1

Level 13

The steps in the link provided by @HopeS work exactly the same in TurboTax Desktop Premier. Be sure you have entered all your Schedule K-1 income information before trying to input your SEP contributions.

@jdseymour

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