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After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

 
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5 Replies
ThomasM125
Employee Tax Expert

After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

You should not enter them again. You would only enter the expenses you paid if they were not deducted on the company tax return.

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After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

Thank you. I was thinking about it, the K1/1065 actually uses different rules and is the P&L for the partnership. The first question is actually if I paid any expenses (yes) but the second is any was reimbursed, so I could list all expenses and then just the ones that were reimbursed, wouldn't that be the same thing?

Irene2805
Expert Alumni

After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

Enter only the expenses that were not reimbursed by the partnership.

After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

but why would TurboTax ask if any were? the k1 doesn't really show that

DianeC958
Expert Alumni

After entering my K1, the final question is if I had any reimbursed expenses. these were deducted from the K1 - entering them again would seem to negate the deduction?

Any unreimbursed expenses you paid personally for the partnership are not reflected on the K-1. 

 

The program is asking if you have any of these expenses, because they are tax deductible, if your partnership agreement states there are certain expenses you need to pay personally for the partnership.

 

@hauboldg

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