K-1 Box 13 deduction

Forum|Forum|2 years ago
March 11, 2024
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I have a K-1 Box 13 "ZZ Other deduction" that is supposed to be deducted from my taxable K-1 income (it is a non-passive deduction), but the amount that I entered on Schedule K-1 Box 13 is not populating in the Schedule E Page 2 worksheet, so it is not being subtracted from the total income being reported on Schedule 1 Line 10.

Best answer by JulieS

Yes, that is because box 13, code ZZ is for "Any other information the partners need to prepare their tax returns." - IRS instructions for Form 1065

In other words, the deduction can't be classified as any of the other deductions on line 13. The software doesn't carry this figure anywhere, because there isn't enough information to indicate where it goes.

You can enter the amount directly on Schedule E if you know what the number represents.

If you need help figuring out where this number goes, please respond back with details about this deduction and whether your are using TurboTax Online, or software installed on your computer.

JulieSAnswer

Yes, that is because box 13, code ZZ is for "Any other information the partners need to prepare their tax returns." - IRS instructions for Form 1065

You can enter the amount directly on Schedule E if you know what the number represents.

If you need help figuring out where this number goes, please respond back with details about this deduction and whether your are using TurboTax Online, or software installed on your computer.

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Mike9241

if box 20 doesn't describe it you need to go back to the preparer. certain amounts may not be deductible for individuals, others would be reported on schedule E and if it's an early withdrawal penalty it would flow to schedule 1.