Question

How to enter K-1 retirement contribution for both Defined Benefit Keogh and Profit Sharing Keogh?

Forum|Forum|4 years ago
March 25, 2022
1 reply
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I am using the online premier version of turbotax. For K-1 interview flow, for box 13 R breakdown it seems that I can only enter either Keogh profit sharing plan contributions or Keogh Defined Benefit plan but not both. Hence the amounts will transfered to TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet, will miss part of the contribution. How do I enter both the Profit Sharing Keogh and Defined Benefit Keogh for K-1 form (Form 1065) , which are provided by my LLC?

TurboTax Premier Online

Employee

TurboTax lets you enter both. The DB contribution goes in the Payments to Keogh box with a selection of DB - Defined Benefit, the 401(k) elective deferral goes in the Payments to 401(k) box and the employer matching or profit-sharing contribution goes in the Employer Matching Contribution to 401(k) box. Make sure that box 14 shows with code A your Net Earnings From Self-Employment. TurboTax will determine if the 401(k) contributions exceed the permissible amount but will allow the entire DB contribution.

W

wgstaxAuthor

Thank for your reply, @dmertz . I need to clarify that 13 R also reports a separate 401k contribution (max allowed), and a separate 401k matching from employer in addition to the profit sharing contribution. So unless I combine employer matching and profit sharing to a single sum..., is that what you might be suggesting for this case?

D

dmertz

Employee

The profit sharing and matching contributions can be combined into the 401(k) matching contribution box since the sum is subject to the overall employer contribution limit.