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macsancats
New Member

Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

 
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Accepted Solutions
tagteam
Level 15

Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

Check the box and enter the figure(s) during the K-1 interview (see screenshot).

 

2.png

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2 Replies
tagteam
Level 15

Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

Check the box and enter the figure(s) during the K-1 interview (see screenshot).

 

2.png

View solution in original post

AmeliesUncle
Level 11

Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

Tagteam's answer is correct if your K-1 is from a Partnership (Form 1065). 

 

But if your K-1 is from a S-corporation (Form 1120-S), then you enter it under personal business expenses as an Itemized deduction (which is not currently deductible on the Federal tax return, but some states allow the deduction).

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