topic K1 and itemized deductions in Business & farm

K1 and itemized deductions

kaerze — Mon, 14 Oct 2019 01:40:07 GMT

Want to know if I have to use if taking standard deduction

Re: K1 and itemized deductions

Anonymous_ — Mon, 14 Oct 2019 02:04:45 GMT

@kaerze wrote:
Want to know if I have to use if taking standard deduction

Are there items on the K-1 you received that are itemized deductions (i.e., belong on Schedule A)?

You can still take the standard deduction; the K-1 (itemized) deductions do not prohibit you from doing so.

Re: K1 and itemized deductions

JinRong15146 — Thu, 01 Apr 2021 21:10:26 GMT

I want to use Schedule A . Why K1 box 13 w (itemized deductions) amount didn't report to schedule A?

Re: K1 and itemized deductions

MarilynG1 — Fri, 02 Apr 2021 02:42:38 GMT

@JinRong15146 Depending on the type of Business Activity reported on your K-1, Itemized Deductions from Box 13 may flow to Schedule A, Schedule C, or Schedule E.

If your Code W is for Investment Expenses, you must have enough net investment income and also itemize your deductions to benefit from this expense.

Click this link for discussion on K-1 Box 13 Code W.