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Returning Member
posted Sep 24, 2022 11:35:04 PM

How to enter Schedule K-1 Box 13, Code W - Bank Fee, Fund Formation, Management Fee, Transaction Fee

I invested in a private investment fund and received a K-1 with Box 13W.    The detailed schedules says that it is Bank Fee, Fund Formation, Management Fee, Transaction Fee.   Then it has another column saying (Partnership Filing Instruction - Portfolio Deduction Previously Subject to the 2% Floor).   So when I go to the detail page for Bow 13W, what should I choose?    Should I choose

 

1. Other Miscellaneous Itemized Deductions or

2. Other Non Passive deduction to be reported on Schedule E or

3  Other (enter description)?

 

0 1 241
1 Replies
Level 15
Sep 25, 2022 12:04:00 AM

sorry but the expense is not deductible for federal purposes due to a change in the Federal tax laws effective 2018-2025. it may be for state income tax purposes. in your case choose 1