turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the Refund! >> Event happening NOW!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

penrodj1
New Member

I receive a K-1, not a W-2. On my K-1, 401K elective deferrals are in Box 20. Where do I enter my $18,500 contribution to my firm's traditional, qualified 401K to deduct?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
DawnC0
Intuit Alumni

I receive a K-1, not a W-2. On my K-1, 401K elective deferrals are in Box 20. Where do I enter my $18,500 contribution to my firm's traditional, qualified 401K to deduct?

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
  1. Sign in and click on Take me to my return.
  2. Click on Federal (left menu)
  3. Click on Income & Expenses (top menu)
  4. Scroll to Other Business Situations, see image attached
  5. Click Revisit next to Self-Employed Retirement Plans

I receive a K-1, not a W-2. On my K-1, 401K elective deferrals are in Box 20. Where do I enter my $18,500 contribution to my firm's traditional, qualified 401K to deduct?

no image attached!

I receive a K-1, not a W-2. On my K-1, 401K elective deferrals are in Box 20. Where do I enter my $18,500 contribution to my firm's traditional, qualified 401K to deduct?

The post is OLD and the attachments were purged when the old posts were migrated to the new forum site. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies