From the instructions for a 1065 K1. Code L. Deductions—portfolio income (other). Generally, you should report these amounts on Schedule A (Form 1040), line 16. See the instructions for Schedule A, line 16, for details. These deductions are not taken into account in figuring your passive activity loss for the year. Do not enter them on Form 8582. For code W The partnership will give you a description and the amount of your share for each of these items.