meezafinancial
Level 2

A partnership created a 401K for its 2 partners. The partner contributed $5,000 and the partnership matched the contribution with $5,000, so $10,000 in total. How do you input this in ProSeries Form 1065 and the K-1 of the partner?

When I input on partners K-1 line 13d code R, it limits the deduction to $6,000 which should not be the case as this is not an individual IRA contribution. The 2023 limit for partners is $22,500. 

Also, when I put $10,000 on K-1 line 13d code R, I get an error of out of balance by $10,000

Anyone have this problem or know how to resolve

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