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March 26, 2024
Question

K-1 line 13, TT keeps showing as IRA contribution at the end of the return versus the 401K contribution

  • March 26, 2024
  • 1 reply
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TT keeps showing as IRA contribution at the end of the return versus the 401K contribution. I have gone back to make sure that the code is G for contributions but at the end it is showing as IRA and a penalty for over payment?

    1 reply

    March 27, 2024

    It would be more accurate to use the code R entry in Box 13 on your partnership K-1 schedule Pensions and IRA's to enter you 401-K pension plan contribution. The entry will then appear on Form 1040, schedule 1 on line 16 for company qualified plans as opposed to individual IRA plans which are on line 20:

     

    On the next screen, you can indicate the payment was for a 401-K plan:

     

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