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Schedule K-1 Box 13, Code W

Forum|Forum|6 years ago
March 11, 2020
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I received a Schedule K-1 (Form 1065) with a number in Box 13, and an associated code of W.

On the subsequent instruction page, the value is listed as follows:

Description: Legal and Accounting

Partner Filing Instructions: Portfolio Deduction

When trying to enter this value in TurboTax, I don't feel that I see anything in the list that resembles this.

I was hoping to get some help with how / where to best enter this value in TurboTax.

Thank you for your time.

Kevin

Best answer by Anonymous_

If you take a close look at the list, it probably belongs in the category of "Miscellaneous Itemized Deductions" which, essentially, have been eliminated by tax reform (TCJA).

A

Anonymous_Answer

If you take a close look at the list, it probably belongs in the category of "Miscellaneous Itemized Deductions" which, essentially, have been eliminated by tax reform (TCJA).

T

Taxingtime

My K-1 has a value in Box 13, Code W- Other Deductions, of $89. Support statements says for individual taxpayers, certain IRC Section 212 portfolio deductions were previously deductible, but the deductiblity has been suspended. Do I enter (0) on my Turbo Tax for this Box 13 instead of $89?

R

Redheather

I have similar but slightly different issue. The value of 13W is PORTFOLIO DEDUCTIONS, and is negative. Even after I entered in K1 form, I did not see any entry in tax report form.

Am I supposed to report it as an income manually?

I am not 100 % sure if I am answering this correctly for you, but what I have had to do with my k-1 deductions other than entering them on the k-1, is enter them on the Additional Info for K-1s worksheet which I think flows to the Tax & interest worksheet and one of these flows to the schedule A. I have to 'work' it to get it to do what I want--it's all legal and I am not cheating, but I've learned to work the program to get what I want. I have called turbo tax every year to ask them to get a 1065, K-1 program for Mac--like they have for PC's .

R

Redheather

My preparer put in code W for box 13 for property taxes paid on a partnership.

Then the actual property taxes are listed on another form which flows to the schedule A

Now that the code W has been changed to code Z, 'itemized deductions' I am confused

thoughts?

PatriciaV

The IRS made significant changes in Schedule K-1 for tax year 2023, adding dozens of new codes for several boxes. On Form 1065 Schedule K-1, Box 13 codes were expanded. Code W is no longer used for itemized deductions. Instead, these deductions are reported under Code Z.

When you made an entry for Box 13, Code Z, the program transferred the amount to the appropriate line on Schedule A under Taxes You Paid, usually Line 6.

@Redheather

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