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Business & farm
Since it was formerly a business interest expense (13K), enter the Code W as Nonpassive Deductions to be reported on Schedule E, page 2.
The entry in Box 20 code B is investment interest expense, which used to be deductible on Schedule A as Miscellaneous Itemized Deduction subject to 2% limitation. The Tax Cuts and Jobs Act eliminated this deduction for Tax Years 2018-2025. However, it will flow to the state return if it is allowed there.
‎April 16, 2020
8:57 AM