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
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.
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
**
but as posted there is no deduction for federal purposes. some states may allow it, but $3 would unlikely affect those taxes.
Mike9241, Thank you so much for your help.
I feel much better now and can move forward to get done my tax.
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