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Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15607
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am trying to determine how to report my solo 401k contribution.

Customer Question

hi I am trying to determine how to report my solo 401k contribution. Can you help
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: I would like to know what form to report the employee contribution and the employer contribution
JA: Anything else I can tell the Accountant before I connect you two?
Customer: it is a llc partnership with a 1065 K1
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: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
u still there
Expert:  Robin D. replied 1 year ago.
HelloIf you were self-employed or a partner, you take this deduction on line 28 of your 1040.You will find the instructions in IRS Pub 560
Customer: replied 1 year ago.
I am a partner who receives 100% of the income. If I understand the solo 401k correctly, as the partner, I can be treated as an employee and contribute the max $18k per year plus an employer match of 25% of profits. My understanding is both are should be reported on the k1? Is that correct?
Expert:  Robin D. replied 1 year ago.
Yes the amounts are reported on the K1.The 1065 K-1 box 13 -Code R for retirement contributions
Customer: replied 1 year ago.
are both the 18k and the profit share reported on the same line? Do we also need to balance that with an amount on the salary line
Expert:  Robin D. replied 1 year ago.
Your contributions are shown here and then that is the amount you can claim on line 28.I would have to check on profit sharing.
Expert:  Robin D. replied 1 year ago.
Deduct the contributions you make for your profit sharing portion on Form 1065. The amount reduces what you will see as income on the K1. You do not deduct those yourself.I know rating takes an additional step and I truly appreciate it when you take the extra time!
Customer: replied 1 year ago.
check on profit sharing on what form
Expert:  Robin D. replied 1 year ago.
Look above
Customer: replied 1 year ago.
your note above says "Your contributions are show here" Where is here? i didn't see another form or anything. I have input the contribution in 1065 row 13 but don't see a reduction in income
Expert:  Robin D. replied 1 year ago.
That is deducted by the partnership but not you personally because you did not make the contribution. Only the partnership can deduct the portion it paid.It reduces the profits.
Customer: replied 1 year ago.
so line 14 should be reduced correct? it is not changing when I add line 13.
Expert:  Robin D. replied 1 year ago.
On line 18 of the actual 1065 the profit share portion is reported.On the K1 the amount that is deducted for the partner on line 28 of the 1040 is only the contributions the partner made and those are reported on K1 line 13.The amount is not reduced in line 14 by the amount in 13 on the K1.