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kaerze
New Member

K1 and itemized deductions

Want to know if I have to use if taking standard deduction
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3 Replies

K1 and itemized deductions


@kaerze wrote:
Want to know if I have to use if taking standard deduction

Are there items on the K-1 you received that are itemized deductions (i.e., belong on Schedule A)?

 

You can still take the standard deduction; the K-1 (itemized) deductions do not prohibit you from doing so.

K1 and itemized deductions

I want to use Schedule A . Why K1 box 13 w (itemized deductions) amount didn't report to schedule A?

MarilynG1
Employee Tax Expert

K1 and itemized deductions

@JinRong15146 Depending on the type of Business Activity reported on your K-1, Itemized Deductions from Box 13 may flow to Schedule A, Schedule C, or Schedule E.

 

If your Code W is for Investment Expenses, you must have enough net investment income and also itemize your deductions to benefit from this expense.  

 

Click this link for discussion on K-1 Box 13 Code W.

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