My clients 401k provider is saying they need to provide the final Partnership's net income (K-1 Line 14A) and share of capital expenses (K-1 Section J) BEFORE they will calculate the profit sharing contributions and owner matching. Don't I need to input the non-owner employee profit sharing numbers into Line 18 of the 1065.
What am I missing? How can they request the final K-1 14A number before the profit sharing calculation? The two owners will be well over $500k on the K1 anyway.
My best guess is the 401k company legal team has some language that is too adamant on the number being the final/IRS number.