You'll need to sign in or create an account to connect with an expert.
TurboTax lets you enter both. The DB contribution goes in the Payments to Keogh box with a selection of DB - Defined Benefit, the 401(k) elective deferral goes in the Payments to 401(k) box and the employer matching or profit-sharing contribution goes in the Employer Matching Contribution to 401(k) box. Make sure that box 14 shows with code A your Net Earnings From Self-Employment. TurboTax will determine if the 401(k) contributions exceed the permissible amount but will allow the entire DB contribution.
Thank for your reply, @dmertz . I need to clarify that 13 R also reports a separate 401k contribution (max allowed), and a separate 401k matching from employer in addition to the profit sharing contribution. So unless I combine employer matching and profit sharing to a single sum..., is that what you might be suggesting for this case?
The profit sharing and matching contributions can be combined into the 401(k) matching contribution box since the sum is subject to the overall employer contribution limit.
All kinds of problems with this situation and the TT K-1 form
-There is no K-1 box 13-R on the form I received, but the contributions are listed separately (STMT).
-There is no provision for catch-up contributions in the TT list.
-Once I entered the breakdown of ALL contributions, only DB shows up under retirement deduction. The traditional 401-k and employer match do not
-I use catch-up as ROTH and there is no way to designate it as catch-up.
-When I go back to retirement, only the DB shows up. All the other contributions do not.
- It states I overcontributed, even though I did not and I am over 50...
Anyone has any great ideas? Maybe delete the K-1, re-enter without the 13-R information, which BTW won't go away even when I have deleted the entries, and just put all the items correctly in the retirement tab and roll the dice?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
les_matheson
Level 2
Brownshoes1992
Level 1
fpho16
New Member
EKrish
Level 2
reaganmeyers6
New Member