I have a question regarding Turbotax Online and how the Schedule K1 (Form 1065) is represented on the 1040. The K1 is prepared on the basis of a partner who materially participates in the conduct of the business. Specifically there are amounts in 13H and 13ZZ with the following footnotes.
LINE 13H - the footnotes shows 3 different amounts that comprise the 13H with the following comments
Investment Interest Expense from trading - for individuals this amount should be reported on form 1040, SCHEDULE A, LINE 9
Investment Interest Expense from trading - material participant activities: This amount should be reported on the Form 1040, SCHEDULE E, PART II, COL (i).
Deductible business expense: This amount should be reported on the Form 1040, SCHEDULE E, PART II, COL (i).
LINE 13ZZ
For Individuals, the amount is reported as "OTHER TRADE OR BUSINESS EXPENSE" should be reported on the Form 1040, SCHEDULE E, PART II, COL (i).
However, when I go through the turbotax questions in K1, these get reported on Form 4952 and Schedule A of the 1040 in the investment interest expense deduction.
How do I make turbotax put these on Schedule E - the online version doesn't allow directly inputting values into Schedule E either. It almost seems like these should not be all under 13H when entering into Turbotax.
Is there a way to input 13H and 13ZZ in turbotax so this goes to schedule E?
