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K-1 Form 165 Box 13 "Other Deductions" Turbotax doesn't seem support code AE?

I have a K-1. My K-1 Box 13 Other Deductions has two items

  • Code H - Investment interest expense for $89

  • Code AE -  Deductions – portfolio income for $344

I enter these codes and numbers on TT K-1 Box 13.   As soon as I add Code AE to Box 13, Turbotax adds an additional form K1P Addl Info. The K1P Addl Info has an error field as it wants  info on the $344 Code AE entry on the K-1.

 

Problem: The  K1P K1P Addl Info Box 13 only supports adding information for Codes J, R, W to ZZ. It doesn't allow for Code AE. Is this a bug? How do I handle this situation?

 

Thanks

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1 Best answer

Accepted Solutions
PatriciaV
Expert Alumni

K-1 Form 165 Box 13 "Other Deductions" Turbotax doesn't seem support code AE?

You can make a manual entry of Box 13 Code AE on the Additional Info form on Line 8 under "Code W to ZZ." 

 

Note that Code AE is for portfolio deductions - in most cases, this type of deduction from investing activities is non-deductible for certain taxpayers, including individuals, and would instead reduce your tax basis in the partnership.

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1 Reply
PatriciaV
Expert Alumni

K-1 Form 165 Box 13 "Other Deductions" Turbotax doesn't seem support code AE?

You can make a manual entry of Box 13 Code AE on the Additional Info form on Line 8 under "Code W to ZZ." 

 

Note that Code AE is for portfolio deductions - in most cases, this type of deduction from investing activities is non-deductible for certain taxpayers, including individuals, and would instead reduce your tax basis in the partnership.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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