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K-1 Line 11 A

Forum|Forum|6 years ago
March 12, 2020
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I just received a final K-1 on March 12th, I filed my taxes over a month ago. On line 11 I have a code A (excess deductions). In the letter that came with the form, it states that if the added deductions will benefit me or if there is taxable income I should file an amended return for 2019. If the added deductions do not benefit me, I do not need to file an amended return. The amount is minimal and it is coded as a deduction, I would prefer not to file an amended return, is this wise? Or am I not understanding the terminology? Bottom line I do not want to get fined or penalized for not filing an amended return. Any advise is greatly appreciated.

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Best answer by Anonymous_

@kimiressler wrote:

The amount is minimal and it is coded as a deduction, I would prefer not to file an amended return, is this wise?

It probably will not benefit you in the least. In fact, it almost certainly will not if it is a small amount.

The excess deductions on Line 11(A) typically flow through to Schedule A as miscellaneous itemized deductions, but those deductions have essentially been eliminated by tax reform (the TCJA).

A

Anonymous_Answer

Employee

@kimiressler wrote:

The amount is minimal and it is coded as a deduction, I would prefer not to file an amended return, is this wise?

It probably will not benefit you in the least. In fact, it almost certainly will not if it is a small amount.

The excess deductions on Line 11(A) typically flow through to Schedule A as miscellaneous itemized deductions, but those deductions have essentially been eliminated by tax reform (the TCJA).