Discussion:Lacerte data entry - K-1 Box 13 Code R

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Discussion Forum Index --> Business Growth Community --> Lacerte data entry - K-1 Box 13 Code R

Jossiecpa (talk|edits) said:

20 September 2010
Client's partnership K-1 has $46,000 in Box 13, Code R - Retirement/pension plans. It's broken up as follows: $29,500 into a Keogh plan, $16,500 into a traditional 401(k) plan. He is a lawyer (partner in a law firm). I don't see an entry box for this in the K-1 data entry window in Lacerte. I was going to do an entry in the Adjustments to Income section, but don't see where I can enter these amounts either. I put $46k into the SEP box just to make page 1 turn out right, but it's giving me a worksheet showing it as a SEP contribution. I don't want that to occur. Any idea where I'm supposed to enter these amounts in Lacerte?

KathiJud (talk|edits) said:

20 September 2010
I think you were right to enter these in the Adjustments to Income section. You have two different types of plans being funded so there are two different entries to make. There are fields there for the solo 401(k) and other plans. I think you need to know which type the Keogh falls under.

Belle (talk|edits) said:

September 20, 2010
From the Lacerte "where do I enter" info tab:

Partnership Guidelines

Code R - Pensions and IRAs - Payments made on your behalf to an IRA, qualified plan, simplified employee pension (SEP), or a SIMPLE IRA plan. See Form 1040 instructions for line 32 to figure your IRA deduction. Enter payments made to a qualified plan, SEP, or SIMPLE IRA plan on Form 1040, line 28. If the payments to a qualified plan were to a defined benefit plan, the partnership should give you a statement showing the amount of the benefit accrued for the current tax year.

Seems to indicate you do have to figure a way to manually get it to the correct place on the 1040.

I don't believe the worksheets go with the efiled return, so your solution sounds acceptable.

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