K-1 Form 1065

[63princess]

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.

[MinhT1]

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.

[63princess]

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

[PatriciaV]

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.

[63princess]

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.

[PatriciaV]

Please clarify where you are entering the 401K contributions - from Schedule K-1 or under Self-Employed Retirement?

[63princess]

I had entered the information correctly - Turbo Tax was in an error loop - I contacted Turbo Tax and got my issue resolved.

Thanks