I have a Schedule K-1 with box 11 Code B
The provided description reads:
Schedule K-1, Box 11, Code B - Excess Deductions; Non-Miscellaneous Expenses
Adjusted total income from 1041, line 16 -1000
add: net capital loss 100
allowable excess deductions on termination -900
Less:portion attributable to section 67(e) expenses : 100
allowable excess deductions - code B -800
Beneficiary's portion: 267
Instructions say to put this as a non-miscellaneous deduction on schedule A. I believe that I would apply the beneficiary portion ($267) somewhere, but I don't understand where. Since it's non-miscellaneous I would assume that it's should be applied to a specific type of deduction, (interest deduction, tax deduction, etc.) but there's not further clarification given.
