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K-1 Excess Deduction on 1040
I have a Schedule K-1 form his year with an amount in Box 11A (final year deductions). The 2020 K-1 instructions state:
"you may deduct the excess deductions shown in box 11, code A, as an adjustment to income. Report this amount as a write-in on Schedule 1 (Form 1040), Part II, line 22. On the dotted line next to line 22, enter the amount of the expense using the code “ED67(e)”. Include the expense in the total amount reported on line 22"
But after I completed the K-1 in TurboTax in the income section, I did not see any change to my itemized deductions or expected refund. Is there any way to accomplish the change to the 1040 in the software?
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January 29, 2021
8:22 PM