Get your taxes done using TurboTax

1- Yes, check the Box 13 entry.

2- Nonpassive activities are businesses in which the taxpayer works on a regular, continuous and substantial basis. Also, salaries, guaranteed payments, 1099 commission income and portfolio or investment income are deemed to be nonpassive.

3- Passive income include the following;

             Equipment leasing.

  • Rental real estate (unless the taxpayer qualifies as a real estate professional)
  • Sole proprietorship or farm in which the taxpayer does not materially participate.
  • Limited partnerships with some exceptions.

4- Most likely passive deductions would not be entered here. It would typically reported as a carryover from the year before like I already explained to you where that goes or may be from a rental property which would be entered in Box 2 from the k-1 unless you are a qualified real estate professional . See HERE pg. 3 and 5 as to what goes under that category.

5- Does your code 13W show another description item, then depending what it is, that's where it will flow through to.

 

Lots of luck!  I hope I answered all your questions. 

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