Yes, I have an Edward Jones K-1. The instructions Edward Jones gave did not work due to Turbo Tax online download limitations. I was given the following recommendations:
two options
1) enter on line 13zz and then describe what it is and enter the amount on the line that says nonpassive and will be reported on schedule E page 2
2) create another k-1 for the partnership but rather than using name of partnership (only use EIN) state "interest pd to buy partnership share" or use your own wording. then enter as a negative on line 1 and check material participation
I chose to compete step 1, and my Partnership loan payment showed up where it needed to be on the income tax form, and I received a tax deduction. To enter on line 13zz instead of 20zz you follow the same steps the Edward Jones gives. You will have to look at the Edward Jones instructions, but, off the top of my head, I labeled it something like Business Interest. Edward Jones says to use something slightly different, but is basically the same thing.
