K1 - payments to pension and 401(k) plan

[taxbrewster]

Ok, question came on my desk today from a fellow accountant who I have lunch with once a month to bounce ideas, thoughts, etc. Being Sunday at the Masters - my brain is not working.

His client has a K1 - Ln 1 - $905,303 partner at a law firm

 

Box 13W - 57,000 - with a note that these are payments to profit sharing and 401k plans

 

He also uses atx - but when entering the k1 and entering the 57k in box 13W other deductions - misc (deducted from income) - it lowers the tax and income.

 

Does he also take the deduction on the front page of the 1040 ln28??

 

I say no because you already lowered the income correct, would that not be a double dip - of subtracting from income and then doing it again??

 

Or do you not input that 57K from the k1 but just enter it on the front page ln28. It of course makes a difference....because of the original amount being taxed..

 

Need some confirmation or thoughts on what to do.

 

Thanks!!!

[michaelmars]

if entered properly it will show up on page 1 of the 1040

[taxbrewster]

Ok, any advice to why it is not flowing to the 1040. I assume because, I am entering the number in the incorrect box? What am I missing?

[michaelmars]

isn't pension 13R not W?

[taxbrewster]

yes, it is. It is coded on the k1 as W (that where the questions started popped up), but even when I enter it in 13R there is no follow through but it answers my question, that it should not decrease ln 1 on the k1 like what happens when you input it 13W. Just manually entered it on the 1040.