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Hi. I'm PDtax. I can assist.
I am working on another project, but can assist shortly. Can you post your question?
For a private chat, I will need to set up a private link, which we do via an Offer of Additional Service.
Secondly, I can and will call, but I am working on another project right now, and will get to you shortly.
Hi again. Can you let me know what kind of assistance you need, so I can price the project? I suspect you also need assistance right now. Please advise.
I am waiting for you to explain what you need, so I can evaluate your project. I just finished the other project.
I see what the issue is. There is a difference in terms. Your tax software needs to properly classify your LLC interest. If yours is a publicly traded partnership, for example, there might be limitations on items like 13l, portfolio deductions - other.
If yours is a working interest, you should make sure you classify your k-1 input to allow for both income and deductions.
That being said, the sum of the lines 1, 5, and 7 is total income, not taxable. You should be eligible for deductions like 13 L, but any expenses are treated as other miscellaneous deductions on schedule A. Usable if you itemize, but deductible there. check your Schedule A to see if they come forward.
To check your math, check general partner on your K-1 input sheet. That will allow all the line items to go where they would be expected. Then, you can check to see what other classes of partner you might be, and what that does to your expense items.
Thanks again for your patience. Please rate my assistance when we are done. I'm PDtax.
Ok. PTP interests get their own special treatment. Lines 1 5 and 7 are correctly income items. Line 13T is for the domestic production activities deduction. Form 8903 picks those items out. These are not deductions against regular income, but instead a calculation of DPAD. I bet you have items in 14U as well. This is used to determine if there is a deduction from this activity that can be deducted against your ordinary income. If your partnership has no 14U items, Form 8903 may not compute at all. rendering these line 13 items useless.
That explains why the line 13 items are not brought forward into the return on 8903. These items are likely lost.
We can pick this up tomorrow if needed. PDtax