I have a partnership K-1 with Box 13 Code W Business Interest Expense; where in the K-1 input for 1040 can I enter it?

[itonewbie · Accepted solution]

There is no standard answer to this because it all depends on the supplemental details from the K-1 about the kind of deduction it is.  Once you identify the deduction, you may need to enter that directly on the relevant form or schedule as it's probably not something that could flow through the K-1 input.

[sinclair666]

I have a Line 13W on a pass thru K-1 from a real estate partnership. The 13W is for Other Deductions - Debt Financed Interest. How would I enter this as there is no 13 W line

[sjrcpa]

Depends on how they used the distributions they received. The full description is interest on debt financed distributions.

If for personal stuff - no deduction, ignore it.

If they invested the money it is investment interest Form 4952/Schedule A.

[Harsha]

Hi Sjjrcpa,

I have a Box 13 w- Other deduction for commission expenses in partnership tax return. I am trying to figure out where should it flow in form 1040 so that the client can get a deduction benefit.

the instruction in pro-series says that it needs to be manually entered in the personal tax return. 

The commission was paid for investment business purpose.

[qbteachmt]

@Harsha Asked as their own topic, here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/i-am-trying-to-figure-o...

Which is always better, since the tax regulations and the programs will change from year to year.