Using Desktop Mac Version
I have a K1 (1065). I contributed $30,000 to my 401k plan ($22,500 + $7,500 catch being over age 50). I inputted this amount ($30,000) ) into Box 13, Code R-7 (Payments made to an Individual 401K plan)
When I run the smart check, I get the above error: Taxpayer elective deferrals to an individual 401k plan should not be greater than $27000
Opening the Worksheet:
6a: I try to put 22500, still gives an error and makes 6d more than 30000. Putting 0 or blank also gives an error
6b: Cannot change the value of 30000
6c: Enter catch-up contributions - I try 7500 but changes 6d to more than 30000
6d: Total elective deferrals--value is not correct (should be 30000, but changing 6a or 6c increases that)
I think there is an issue with program importing and adding up the wrong numbers
You'll need to sign in or create an account to connect with an expert.
See the identical circumstances addresses in the following post:
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.
cowsmogo
New Member
madison5822
New Member
lionintexas
New Member
don_brady
New Member
arobflagler
New Member