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Nate V
New Member

K-1 Income Issues - TurboTax Not properly deducting Keogh deduction and health insurance premiums, no SE calculated

I am having the most terrible time with TurboTax this year.  If I cannot get this straightened out, I'm requesting a refund and using a different prep software.

 

Issue 1:  My K-1 has box 20 info that TurboTax will not deduct properly

TurboTax is not deducting my 401(k) contribution deduction, my health insurance premiums deduction, or my Keogh contribution deduction.  I had an awful time with this last year but luckily found a post that described a strange way in making it work.  I have tried every possible solution, and nothing works.  My last attempt was to check the box in the K-1 screens that asks if I personally paid health insurance.  I clicked the box and entered the amount.  My federal refund went up, but my Kentucky liability stayed the same.  I tried some workarounds with the 401(k) and Keogh as well to no avail.  I decided to go ahead and pay so that I could preview the return.  Sure enough, no deductions to get to AGI.  Then I noticed the second gigantic issue.

 

Issue 2:  TurboTax did not compute self employment tax on my K-1 income.

 

Am I missing something here?  No wonder my refund was so high.

 

Thank you,

Nathan

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1 Reply
Anonymous
Not applicable

K-1 Income Issues - TurboTax Not properly deducting Keogh deduction and health insurance premiums, no SE calculated

box 20 goes nowhere its an info box

right below box 20 is the link to enter your health insurance. 

use box 13 code R on k-1 to enter pension and keogh contributions then link to the code R w/s to provide details

did you enter amount in box 14 of k-1 - that's self employment income  without that or guaranteed payments, no dedcution for retirement palns or health insurance  is allowed becuase they're bases on earned income. income 

 

you'll also need to check the keogh/sep  worksheet

 

 

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