K1/1065

Forum|Forum|6 years ago
March 25, 2020
4 replies
40 views

I am in a stock club that uses Bivio software to calculate the taxes. It put a "W" in box 13 but Turbo Tax doesn't like that and puts me into error mode. Any suggestions?

Jerry

JohnB5677

Level 15

The W represents a Wash Sale. A wash sale occurs when an investor sells a security at a loss for tax benefits. The IRS instituted the wash sale rule to prevent taxpayers from abusing wash sales. Investors who sell and then repurchase the same security within 30 days cannot count any capital loss on the transaction against any capital gain.

Are you posting a 1099-B. Box 13 is Bartering. The W does not make sense. Wash sale disallowed would be in Box 1g.

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JulieandJerryAuthor

Level 2

I am trying to enter into Turbo Tax when it asks you to check all boxes listed on form 1065 and in box 13 I have a W.

Thanks for looking into it.

Jerry

Irene2805

Level 15

In Box 13 Code W is for Other deductions. There should be a statement either on or with the K-1 stating what the deductions are. It could be state taxes withheld, early withdrawal penalty, or several other things. If you don't have an explanation statement for Box 13, Code W, contact the issuer of the K-1 for more details.

In TurboTax, after entering the numbers for Box 13, you will be asked to enter details on the next screen. [See screenshot below.]