Question

Question on Box 13 on K-1 (partnership). I have an amount for "deductions - portfolio (2% floor)" Do I input that into Box 13-L ("Deductions-portfolio (other)"

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March 28, 2020
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TurboTax Self Employed Online

No, the code 13L is for deductions that are not subject to the 2% income limitation. Because the designation "2% floor", you will use code W Other Deductions.

Prior to 2018 these "2% floor" portfolio deductions went to Schedule A as an itemized deduction subject to the 2% of adjusted gross income threshold. Starting in 2018 these were no longer deductible on the federal tax return, but may be an itemized deduction on your state tax return.

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