ngainc
Level 2
‎10-09-2021 11:28 AM

After entering the information into the K-1, the deductions for the drilling cost are not reducing the taxable income as it should

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Just-Lisa-Now-
Level 15
Level 15
‎10-09-2021 11:40 AM
If you use the Quickzoom button under Line 13 for Code W, you'll see that many of those items need to be manually entered in the return.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Terry53029
Level 15
Level 15
‎10-09-2021 11:52 AM

There is no line 13 code W on a 1120s K1. There is a line 13 code W on a 1065 K1. Double check your K1 info

Just-Lisa-Now-
Level 15
Level 15
‎10-09-2021 12:33 PM
Ah, good catch, I missed that it was a 1120S K-1, I looked at a partnership K-1

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
ngainc
Level 2
‎10-09-2021 12:37 PM

Thank you

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ngainc
Level 2
‎10-09-2021 12:37 PM

You re correct, it is a partnership k-1, thank you!