there is box 13 W on partnership tax return and I need to figure out how will that flow in personal tax return
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.
I think you need to ask the preparer of the 1065 about it.
A commission paid by the Partnership for a business reason would generally just go on page 1 of the 1065, and would affect Box 1 of the K-1. It would not be listed separately on the K-1. So you need to find out more about exactly what it is and why it is separated on the K-1.
thank you for clarifying.
"so that the client can get a deduction benefit."
Did you search the web? I did, and here is what I got in results:
"the TCJA suspended all itemized deductions subject to the 2% floor. Individual taxpayers may no longer deduct the amounts reflected as portfolio deductions in Box 13-Code W for federal income tax purposes; however, some states still allow these deductions."
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