Line 24 of Form 2441 is "deductible dependent care benefits", and the instructions say that it should go to Line 28 of Schedule E (for a partnership). But TurboTax Home & Business does not seem to do anything with Line 24 of Form 2441.
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Some K-1 entries aren't handled automatically by TurboTax. The theory and mechanism of the Deductible Dependent Care Benefits are very similar to the handling of Dependent Care Benefits of an employer.
Whereas, for an employee, the business (employer) takes the deduction; the partnership is not allowed to take an ordinary deduction, but instead to passes the deduction to the partner as a separately stated deduction. The partner then takes the deduction on their tax return.
On the screen titled Describe the Partnership, select the box for I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed. (see screenshot below)
When you get to the Miscellaneous Supplemental Expenses screen,
· Enter the Schedule K-1, Box 13, Code 0 amount in the amount field.
· Enter Deductible Dependent Care Benefits in the description field.
Some K-1 entries aren't handled automatically by TurboTax. The theory and mechanism of the Deductible Dependent Care Benefits are very similar to the handling of Dependent Care Benefits of an employer.
Whereas, for an employee, the business (employer) takes the deduction; the partnership is not allowed to take an ordinary deduction, but instead to passes the deduction to the partner as a separately stated deduction. The partner then takes the deduction on their tax return.
On the screen titled Describe the Partnership, select the box for I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed. (see screenshot below)
When you get to the Miscellaneous Supplemental Expenses screen,
· Enter the Schedule K-1, Box 13, Code 0 amount in the amount field.
· Enter Deductible Dependent Care Benefits in the description field.
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