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Level 1

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

 
3 Replies
Level 20

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

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.

Level 5

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

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.) 

Level 20

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

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.