Schedule K-1 Box 13, code R

Forum|Forum|4 years ago
September 22, 2021
1 reply
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I have a client filing his personal taxes and he has a schedule K-1 from a partnership he owns with another guy with the amount of $12,000 in Box 13 with a code of R next to it. When I try to enter the info in his personal taxes in ProConnect (under Passthrough K-1's, Partnership info), codes only go to Q and there is no code R. This is the SEP IRA that partnership contributed on behalf of him (a partner). How can I enter this amount in his personal tax return since it could not be deducted from partnership income because it was contributed for a partner?

Thanks

ProConnect Tax

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PhoebeRoberts

Intuit Community Champion

I believe you enter it in the Adjustments to Income screen, the same as if it were a self-employed person with a SEP. The SEP contribution has no impact on outside basis, so no manual adjustment needed.