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Level 1
posted Apr 16, 2023 4:34:32 PM

K-1 Code W Investment Interest to be reported on Schedule E, Page 2

I have a K-1 for an LLC partnership. In box 13 Other Deductions is entered Code W, $461.

 

In the notes it says:

BOX 13

OTHER DEDUCTIONS

* DESCRIPTIVE INFORMATION

W 1.163-8T INTEREST EXPENSE ALLOCABLE TO REFINANCE PROCEEDS $461.

 

In Turbotax I checked "Investment Interest Expense" under "Enter Code W Detail." Then at the bottom of the page there is a blank for "Investment Interest to be reported on Schedule E, Page 2." Do I enter the $461 in the blank? I have no idea what that means.

 

 

 

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1 Replies
Expert Alumni
Apr 17, 2023 12:41:19 PM

Yes, it is stated separately because it is not ordinary income nor does it qualify for QBI.  Enter the $461 in that amount "blank" and continue with your return.