Solved: I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these
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New Member

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

in order for them to appear on Form 1040, Line 28
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Level 15

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

For these to appear on line 28 of Form 1040, 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.

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6 Replies
Level 15

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

For these to appear on line 28 of Form 1040, 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.

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New Member

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

How do I make the entry in the TurboTax Business software? I do not recollect the software asking about 401k contributions when printing schedule K-1. Do I need to enter this manually  on the schedule k-1 form?
Level 15

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

I'm not familiar with TurboTax Business.  See if the following answer by TurboTaxAmandaR helps:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/6506295">https://ttlc.intuit.com/replies/6506295</a>
New Member

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

What if the K-1 codes are “other” and non specific? Then the amounts may be accurate but won’t match your K-1? I cannot get the program to pull in those contributions to line 28! Very frustrating!!
Level 15

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

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.
New Member

I am a partner in a firm and receive a K-1 and not a W-2. I have both 401-K (pre-tax deferral contributions) and 401-K profit sharing contribution. Where do I enter these

what if my K1 has traditional 401K, Safe Harbor 401K and Profit sharing contributions?  Where do I enter the safe harbor contributions?
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