You should report Box 13 information from your Schedule K-1 Form 1065 under the
- Federal Section
- Income -Select My Forms
- Less Common Income
- K-1 Earnings
- Schedule K-1 Form 1065
Box 13 has many codes not all of which are direct entries or supported by the TaxSlayer program. Below are the Box 13 codes for which the program currently contains direct entries. You can review the Box 13 codes that are not reported on this entry field directly in this TaxSlayer article.
Line 13A Cash Contributions 60%: Report the amount as it is reported to you on your Box 13 Code A. This amount will automatically pull to Schedule A, subject to the 60% AGI limitation on such contributions. Prior to the passage of the Tax Cuts and Jobs Act this deduction was subject to a 50% AGI limitation and not 60%.
Line 13B Cash Contributions 30%: Report the amount as it is reported to you on your Box 13 Code B This amount will automatically pull to Schedule A (Form 1040), subject to the 30% AGI limitation on such contributions.
Any contributions reported in Box 13, Codes A and B may affect the Qualified Business Income (Loss) coming from the partnership. If you have Itemized Deductions on Schedule A, the entire amount of the Charitable Gifts claimed on the Schedule A that were from the partnership, will reduce the QBI coming from that partnership. The charitable contributions entered in the tax program on the following Line 13, Codes A and B that are allowed contribution on Schedule A - Itemized Deductions will carry to the Schedule A and will automatically reduce the Qualified Business Income from that partnership. Therefore will effect any allowable Qualified Business Income Deduction appropriately.
Line 13H Interest Income: Report the amount as it is reported to you in Box 13 Code H. This amount will be pulled to the Form 4952 - Investment Interest Expense Deduction appropriately.
Line 13I Royalty Income: Report the amount as it is reported to you in Box 13, Code I. This represents a taxpayer's share of deductions allocable to royalties and will automatically pull to Schedule E line 19.
Line 13K Excess business interest expense: Report the amount as it is reported to you in Box 13 code K. This interest could be subject to a limitation. However most small business taxpayers (which are defined as taxpayers with average annual gross receipts of $25 million or less for the previous three years) are not subject to these limitations and do not file Form 8990 for a limitation.
Line 13L Deductions Portfolio (Other): Report the amount as it is reported to you in Box 13 code L. This represents a taxpayer's share of portfolio deductions that are not subject to the 2% income limitation as a Miscellaneous Deduction on Schedule A. This amount will automatically carry to the itemized deductions Schedule A, line 16 with a description that it came from this partnership or entity.
Line 13M - Amounts Paid for Medical Insurance - Report the amount listed in Box 13, Code M. This represents the amounts paid during the tax year for insurance that constitutes medical care for the taxpayer, spouse, dependents. This amount will be automatically pulled to the itemized deductions Schedule A medical expenses.
Line 13O - Dependent Care Benefits - Report the amount as it is reported to you in Box 13, Code O. This is the amount of dependent care paid by the partnership. This will pull to the employer paid benefits line of Form 2441 appropriately if you complete the rest of the credit information under the Federal Section > Deductions > Credits, Child Care Credit Form 2441.
Line 13X - Section 965(c) deduction - Report the amount is it is reported to you in Box 12, Code K. This amount is a taxpayer's share of section 965(a) deductions.