topic Re: Schedule K-1, Box 13 in Get your taxes done using TurboTax

Schedule K-1, Box 13

Kiki — Tue, 24 Feb 2026 07:20:17 GMT

I am working on K-1 information to enter now. TT said "Choose a CODE from the picklist below, and enter the dollar amount reported on box 13 of your schedule K-1."

The code in my K-1 is W* and instruction says "Portfolio Deductions". TT picklist has only "Other Deductions" to select. Can I just move forward with " Other Deductions " since it's only amount of $3.

In any case, if I should report as " Portfolio Deductions " as my K-1 states, how can I fix it on TT software?

Thank you so much for your help. Any comments would be really appreciated

Re: Schedule K-1, Box 13

Mike9241 — Thu, 21 Sep 2023 23:48:52 GMT

yes you can skip it. since portfolio deduction are no longer deductible for Fedeal income tax purposes.

**********

however, when you checked box 13

when you went to the next page "enter box 13 info" and selected code w and entered the $3 and then continued

on the next page you could (should) have selected other miscellaneous deductions and entered the $3

but as posted there is no deduction for federal purposes. some states may allow it, but $3 would unlikely affect those taxes.

Re: Schedule K-1, Box 13

Kiki — Fri, 22 Sep 2023 22:14:33 GMT

Mike9241, Thank you so much for your help.

I feel much better now and can move forward to get done my tax.

Re: Schedule K-1, Box 13

V-tax20 — Sat, 23 Sep 2023 01:25:13 GMT

You can also mark " I have another description" and then enter portfolio deductions in dialogue box. In either case it will make no difference, no impact on your tax

Re: Schedule K-1, Box 13

Kiki — Sat, 23 Sep 2023 01:34:52 GMT

V-tax20, Thank you for your advice. I will do it now!