We own an LLC that is taxed as a partnership (husband and wife) and have a 401k solo plan. The IRS instructions for Box 13 on Schedule K-1 state: "Code R. Pensions and IRAs. Payments made on your behalf to an IRA, qualified plan, simplified employee pension (SEP), or a SIMPLE IRA plan"
Does this mean we only report the employer (profit sharing) pension contributions here and any employee contributions we made are reported only our 1040 return or must all contributions be reported on Schedule K-1?
Thank you for your time!
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It's the contribution made by the partnership.
Thank you so much for your quick reply Martin!
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