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We've put together a list of resources to help with the most commonly asked questions during this time of year. Check out What's popular in Hot Topics here.
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- Code 13L on K1
Code 13L on K1
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pullaroc
Level 1
2 weeks ago
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Has anyone run into an issue where Code 13L on Form 1065 - K1 is flowing to Schedule A as an itemized deduction under line 16 (Other Deductions), which in increasing itemized deductions? The source of Code 13L is investment advisory fees which are no longer deductible under TCJA.
Intuit techincal support is adament this is correct and it should flow to Schedule A as an other deduction under Intemized. Clearly it is overstating itemized deductions on Schedule A.
Let me know if you have run into this and can add some comentary.
Chris
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PhoebeRoberts
Level 12
2 weeks ago
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13AE is the correct code for former misc 2% expenses. If the K-1 preparer used 13L, but you can tell that it's supposed to be 13AE, enter it as non-deductible expense (with the state entry if appropriate) and move on.
