Entering K-1 Box 11 Code B - excess deductions

Hi all,

I have a final K1 from deceased family member and trying to enter my beneficiary portion for box 11 B.

I received a K1 and under Box 11 Code B - Excess Deductions: Non-Miscellaneous Expenses

Adjusted Total Income from form 1041, line 17 $ -1,319

Allowable excess deductions on termination $ -1,319

Less: Portion attributible to section 67 (E) Expenses $1,067

Allowable excess deductions - code B -252

Beneficiary's portion $126

Turbo tax is telling me to add the $126 amount in the corresponding topic in turbo tax but where should I enter this?? Thanks in advance

1123

Expert Alumni

Apr 13, 2025 12:14:25 PM

Deductions related to portfolio income which were formerly deductible by individuals under section 67 subject to the 2% AGI floor are no longer deductible for individuals filing a Form 1040 return. This means that you are not able to include the stated deduction on your return.

Consult your state taxing authority for information about deducting miscellaneous itemized deductions on your state tax return.

New Member

Apr 13, 2025 1:25:10 PM

Thanks so much for the response. I don’t think they are deductions from investment income but just rather estate expenses?

Expert Alumni

Apr 14, 2025 6:57:45 AM

Some estate expenses are reported to the beneficiaries but are not deductible for tax purposes. You might check with the company that prepared the estate return for clarification.

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Entering K-1 Box 11 Code B - excess deductions