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ragenda
New Member

How do i enter the info that Turbotax asks for Code W detail?

My K-1 says the following: Line 13W expenses are portfolio deductions formerly reported on box 13K as 2% portfolio deductions that are non-deductible for certain taxpayers, including individuals, and would reduce your tax basis in the partnership. Please consult your tax advisor."   How do i enter the K-1 Code w detail page? None of the options match the above statement.

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Ashby
New Member

How do i enter the info that Turbotax asks for Code W detail?

It is really not necessary to enter these expenses. They are investment management/advisory fees. Because of tax reform changes, these are no longer deductible on your personal return. You can omit them for your personal return purposes.

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Ashby
New Member

How do i enter the info that Turbotax asks for Code W detail?

It is really not necessary to enter these expenses. They are investment management/advisory fees. Because of tax reform changes, these are no longer deductible on your personal return. You can omit them for your personal return purposes.

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