paul7
Level 2
‎02-29-2020 10:19 AM
The K1 supplement details the amounts as:
Amortization $97
Mgmt & Operating $565
Specialy Allocated Inv Advisory Fees $562
State Tax Expense $6
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PhoebeRoberts
Level 11
Level 11
‎02-29-2020 10:37 AM

Where would you like each of those items to appear on the 1040?

itonewbie
Level 15
‎02-29-2020 10:47 AM

You need to check the supplemental statement provided with the K-1 for the nature and character of these deductions in order to determine whether these are deductible and where to make the input.

State Tax Expense could be Sch A but, again, you need to refer to the supplemental statement for guidance.

Investment Advisory Fees could be 2% misc itemized deduction but that wouldn't be relevant for Fed under TCJA even though it may still be deductible for state.  Again, refer to the supplemental statement.

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Still an AllStar

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mstsax
Level 3
‎04-21-2021 05:20 PM

If it isn't deductible, where can I put it?

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sjrcpa
Level 15
‎04-21-2021 05:34 PM

Nondeductible expenses.


The more I know the more I don’t know.
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mstsax
Level 3
‎04-21-2021 06:24 PM

yes, but what line to I use on the K-1 input page?  

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sjrcpa
Level 15
‎04-21-2021 06:50 PM

The one that says nondeductible expenses.


The more I know the more I don’t know.
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RichSchultz
Level 2
‎05-14-2021 05:41 PM

In ProConnect, go to Passthrough K-1s/Partnership Info/Less Common Scenarios, then under SeparatelyStated Income and Deductions enter the information in "Other nonpassive items".  Enter the amounts as negative numbers.