My K-1 has a W with a measly $3 in box 13. The letter with the K-1 states the following about it:
"Portfolio Deductions - The Portfolio Deductions and Swap Expenses from investing activities, if any, are portfolio deductions formerly reported by box 13k as 2% portfolio deductions that are non-deductible for certain tax payers, including individuals, and would reduce your tax basis in the partnership. Please consider whether these expenses may also impact the deductablility of any interest investment expense. Please consult your tax advisor".
I1 is "Individual"
What do I do with this? Turbo Tax gives me 6 options that don't sound like 'Portfolio deductions' and a 7th option to enter my own. But it sounds like these are not deductible, so do i just not enter this 13W line?
I have the exact question as I am a first timer filing tax myself using TT. I got an answer for the question I posted that 13w is a very broad and thise institudes can put whatever they want. I was advised to put investment expense. I actually put Portoflio Deductions as described in the instruction. Mine too are only like $17 charge, I would still include it instead of a mismatch from the form.
I have the exact question as I am a first timer filing tax myself using TT. I got an answer for the question I posted that 13w is a very broad and thise institudes can put whatever they want. I was advised to put investment expense. I actually put Portoflio Deductions as described in the instruction. Mine too are only like $17 charge, I would still include it instead of a mismatch from the form.