Schedule K-1, Box 13

[Kiki]

I am working on K-1 information to enter now. TT said  "Choose a CODE from the picklist below, and enter the dollar amount reported on box 13 of your schedule K-1."

The code in my K-1 is W* and instruction says "Portfolio Deductions".  TT picklist has only "Other Deductions" to select.  Can I just move forward with " Other Deductions " since it's only amount of $3.

In any case, if I should report as " Portfolio Deductions " as my K-1 states, how can I fix it on TT software?

Thank you so much for your help.   Any comments would be really appreciated

[Mike9241 · Accepted solution]

yes you can skip it. since portfolio deduction are no longer deductible for Fedeal income tax purposes. 

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however, when you checked box 13

when you went to the next page "enter box 13 info" and selected code w and entered the $3 and then continued

on the next page you could (should) have selected other miscellaneous deductions and entered the $3

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but as posted there is no deduction for federal purposes. some states may allow it, but $3 would unlikely affect those taxes. 

[Kiki]

Mike9241, Thank you so much for your help.

I feel much better now and can move forward to get done my tax.

[V-tax20]

You can also  mark " I have another description" and then enter portfolio deductions in dialogue box. In either case it will make no difference, no impact on your tax

[Kiki]

V-tax20,   Thank you for your advice. I will do it now!