Sch K1 form 1065 help needed ASAP

[ETax847]

Client received a K1 from her firm which she is a partner.  In box 20 code z, she has the following:

2015 keough contribution included in draw

401k contribution included in draw

Health insurance included in draw

and Life insurance included in draw.

Do I need to report these items and if so where and what form?

[jasdlm]

You are going to have to ask what portion of those items were deduction on the partnership return.  Do you have a cover letter?  Often, a portion (but not all) of the 401(k) deduction is taken on the partnership return, and the remainder needs to be taken on the individual's return.  Do you know the amounts for each item?  The firm has a Keough and a 401(k)?

Not sure why life insurance would matter.

[ETax847]

If  it were to be taken on the individual's return, where would this take place?  

[Randall]

Seems there should have been an additional statement to explain that box entry.  Sometimes the statements are much help though.

 

[michaelmars]

I never saw where part of a pension reported on a k1 was paid by the partnership.  put in the deductions as if the taxpayer made the payments himself since it was paid with his distribution, it was in fact paid my the taxpayer. 

[Lion EA]

Probably everything except life insurance, right?

Partnership reporting can get so creative!

[Roberts]

17 hours ago, ETax847 said:

Client received a K1 from her firm which she is a partner.  In box 20 code z, she has the following:

Does your software even accept these codes? I can tell you that some don't take z codes in box 20 because they are informational only.

 

[jasdlm]

I agree with the comment about taking them from the statement.  Interesting:  I have seen several partnerships (usually law firms) where a portion of the 401(k) was deducted on the partnership return and a portion on the personal.  I've never really thought much about it since I did not prepare the partnership returns, but I have more than one client in more than one firm with k1s like this.