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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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How do you report 401K contribution on K-1 JA:

Customer Question

how do you report 401K contribution for Partners on K-1
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: DO you include 401K contribution made on behalf of Partner as on line 19A as distribution and on line 13R (pension & IRA)
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 8 months ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 8 months ago.
Hi There:401k contributions cannot be reported on Schedule K, so they wouldn't appear on a partner's K-1. Instead, each partner must claim a deduction for self-employed retirement plan contributions on Form 1040.If a partner took a distribution for the purpose of contributing to his or her retirement account, then that amount may appear in the capital account section with the other distributions during the year. It does not need to be (and can't be) reported as a retirement plan contribution.
Expert:  Jason M. Tyra, CPA replied 8 months ago.
Hi There:401k contributions cannot be reported on Schedule K, so they wouldn't appear on a partner's K-1. Instead, each partner must claim a deduction for self-employed retirement plan contributions on Form 1040.If a partner took a distribution for the purpose of contributing to his or her retirement account, then that amount may appear in the capital account section with the other distributions during the year. It does not need to be (and can't be) reported as a retirement plan contribution.