I'm having difficulty determining how to enter Line 13R Pensions and IRAs.
I have the following:
Pretax 401(k) contribution
Firm Profit-sharing contribution
Service Partner profit-sharing contribution
I'm not sure how that matches up to turbo tax that has the following 9 options:
1- payments to traditional IRA, 2- payments to Roth IRA, 3 - Payments to Keogh, 4 -payments to SEP, 5- Payments to SIMPLE, 6- Employer matching contribution to SIMPLE, 7- Payments to 401K (non-roth plan), 8- Employer matching contribution to 401K or 9- Payments to Roth 401K plan.
Line 13R on your Schedule K-1 form 1065 reports Payments made on your behalf to an IRA, a qualified plan, a simplified employee pension (SEP), or a SIMPLE IRA plan.
As you contributed to a 401(k) plan, you should choose option 7.
I understand that for my contribution, (the pretax 401(K) contribution) but are the contributions to profit sharing, (both mine & my firms) considered pretax 401(K) contributions?
The 3 lines of funding in the 13R section
Pretax 401(k) contribution
Firm Profit-sharing contribution
Service Partner profit-sharing contribution
Profit-sharing is generally made to a Keogh Plan and not a 401(k) plan. Please contact the Partnership if you don't know how the profit-sharing was invested.
Turbo Tax is having an issue with just the normal 401K contribution. I put in $26,000. It then asks me to split the normal contributions $19,500 and the catchup $6,500 but it leaves the total so I have $52,000 before I get to the profit sharing.
Please clarify where you are entering the 401K contributions - from Schedule K-1 or under Self-Employed Retirement?