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Question

1065 SEP partner (K-1 - box 13). Should this be calculated based on 14A or 14C? My 1065 apparently uses 14C but 1040 uses 14A, so which is correct?

3 replies
238 views

2025 taxes

I have a problem with1065 SEP contribution (K-1) for passthrough LLC partnership.

Should this be calculated based on 14A or 14C?

I used TT business to create the K-1's and it has a number that when I enter it in the K-1 section in TT-personal for 1040 it says it is too high and seems to calculate from 14A.

My 1065 apparently used K1- 14C but 1040 seems to use the lower 14A, so which is it?

It there a bug in TT business when calculating the maximum allowed SEP contribution?

TurboTax Business Windows

DavidD66

Alumni - Intuit

SEP contributions should be calculated using Net Earnings from Self-Employment, which is box 14-A of Schedule K-1 (1065). Box 14-C is Gross Nonfarm Income, which to the best of my knowledge is only used calculate the optional nonfarm method of calculating self-employment tax. The Business program should be using the amount in Box 14-A. Have you reviewed the SEP/IRA Worksheets in Forms view? Right click on Box 1a. In the pop-up window, click on "Data Source". This shows that the source for "Net earnings in self-employment.." comes from Box 14, Code A, not Code C. The calculation in both programs should be the same.

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user17718025533

Level 2

Ok so in the SEP-IRA worksheet

in PART II SEP Contribution

it has the lower expected amount determined from line 7: this has the value i find also in TT 1040

But "Amount carried as deduction to Schedule K" has a different higher amount, no idea where that came from

The amount in 1a is the same as K-1 box 14A

Data source in the 2 final values is grey so I can't trace it back

I can checkbox the lower amount to carry to the K-1, when I remove the checkbox, the bottom field remains empty.

I guess I will have to delete the form and recalc, but I already filed my 1065 😞

DavidD66

Alumni - Intuit

Can you clarify, please? Do you have an additional question?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

1065 SEP partner (K-1 - box 13). Should this be calculated based on 14A or 14C? My 1065 apparently uses 14C but 1040 uses 14A, so which is correct?

3 replies

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