As an owner of a small firm, income - and thus Simple IRA/401k deduction in totality, elective and matching - show on my K-1. The total value was copied over in the income section. Somewhere along the line, the elective and matching is also now recorded as separate items, thus indicating that I am way over on the maximum permitted. I cannot find where to go and change that to correct. Suggestions please?
Thanks!
It seems that you might have separately entered the contributions in the self-employed retirement section of TurboTax. TurboTax gets the necessary amounts from the code-R entry in box 13 of the the Schedule K-1 (Form 1065) and your entries in the Schedule K-1 section as to how this contribution is broken into employee and employer contributions, so you must not enter them under Business Deductions and Credits.
I suggest deleting TurboTax's Keogh, SEP and Simple Contribution Worksheet and letting it auto-regenerate from the Schedule K-1 information.