topic Re: Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses? in Business & farm

Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

macsancats — Sun, 04 Oct 2020 19:49:44 GMT

Re: Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

Anonymous_ — Sun, 04 Oct 2020 19:58:14 GMT

Check the box and enter the figure(s) during the K-1 interview (see screenshot).

Re: Which is better or correct? Posting unreimbursed expenses where K1 is entered OR under personal deductions for business expenses?

AmeliesUncle — Mon, 05 Oct 2020 21:37:38 GMT

Tagteam's answer is correct if your K-1 is from a Partnership (Form 1065).

But if your K-1 is from a S-corporation (Form 1120-S), then you enter it under personal business expenses as an Itemized deduction (which is not currently deductible on the Federal tax return, but some states allow the deduction).