401k contribution not on Schedule K-1

Forum|Forum|5 years ago
April 25, 2021
3 replies
51 views

This is my first year getting a K-1. I am a member of a law firm (an LLC). I contributed $19,500 to the firm's 401k plan for 2020, yet my Schedule K-1 does not appear to reflect this contribution anywhere. Should it be listed in Part III, Section 13, code R? (It's not.) Or is it possible it was already deducted from ordinary business income?

Thank you in advance.

TurboTax Premier Online

ErnieS0

Alumni - Intuit

Doublecheck with your firm. If you did not receive a W-2 it's unlikely your 401(k) contribution was deducted from your income.

Your contribution should flow had there been an amount in Box 13, Code R.

Otherwise, to enter a 401(k) contribution from partnership income:

Click Federal in the left column of TurboTax Online
In Wages & Income, scroll down to Other Business Situations
Select Self-Employment Retirement Plans
Say YES to Did you make a 2020 self-employed retirement plan contribution?
Then YES to Did you contribute to an individual or Roth 401(k) plan?
Enter $19,500 on the next screen

See how to enter an llc partnership 401k contribution in turbotax home and business

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bozpwAuthor

Level 2

Thank you. I will check with my firm. Can you please explain what you mean by "Your contribution should flow had there been an amount in Box 13, Code R."?

ErnieS0

Alumni - Intuit

If you enter an amount into TurboTax from Form 1065 Schedule K-1 Box 13 Code R and then enter the amount on the next screen (Enter Code R Detail) as a 401(k) contribution, TurboTax will automatically carry the amount over as a self-employed retirement deduction on Form 1040, Schedule 1, line 15.

In other words, it will be deducted from your 1040 income but not directly against your K-1 income, i.e. it reduces your total taxable income instead of your net partnership income, which is generally the way such contributions are handled.

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