1065 K-1 Box 13 H&W - Interest expense and Trader deductions entries

Forum|Forum|4 years ago
October 1, 2021
2 replies
10 views

Adding income shows an expense and taxpayer is limited partner and does not materially participate.

None of the k-1 amounts qualify as business income. (hedge fund)

It appears that trader expense coded W is to be reported on Schedule E.

It also appears that investment interest expense, coded H, would be shown on Schedule E as well (subject to any interest expense limitation from form ).

Also, Box 11I (a loss) would appear on Schedule E ?

First time around with something like this.

thanks for any input, etc.

ProSeries Professional

This topic has been closed for replies.

Best answer by linduca1216

After talking w/ Proseries, we determined that to get the investment interest Expense (Coded 13 H) info on Sched E, page two, we had to override the fields....

T

Terry53029

Intuit Community Champion

ProSeries should will put code H & W in correct place on 1040 automatically, but line 11 code I you will have to put the loss (depending on kind of loss) on the correct 1040 form. FYI anytime you see " * " (single asterisk) you have to manually put it where it belongs.

L

linduca1216Author

Level 6

Per the K-1, the 14H should be reported on Sched E, page 2. It shows up as a deduction on Sched A . Not sure where/how I need to adjust where I put the initial entry (now on K-1, Part III, line 13, coded as H.)

L

linduca1216AuthorAnswer

Level 6

After talking w/ Proseries, we determined that to get the investment interest Expense (Coded 13 H) info on Sched E, page two, we had to override the fields....

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