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Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2355
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I have a k-1 with a large amount of income in box 1 but also

Customer Question

I have a k-1 with a large amount of income in box 1 but also a large amount of deduction in box 13J and 13T. How do I get to the correct number to appear on the front page of my tax return? I am using H&R block tax software.
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.

Hi

I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.

The software is not going to automatically carry these amounts because you have the right to deduct some of these expenses in full this year, or to take them ratably over 3 years.

For line 13 J please see page 10 of

https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

and page 11 for line 13 T

You will want to check with your financial adviser, or whomever you invested with to find out whether you will run into AMT this year (based on your total income) to see if you would want to take those deductions in full this year or not.

You must enter these deductions manually on the forms stated in the instructions.

If you have additional questions, please post them here and I'll be notified.

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Expert:  Anne replied 1 year ago.

I see that you read my answer but didn't rate it. Do you have further questions, or do you need more information?

Please remember that it is only through positive ratings that we are compensated for our time and knowledge.

Customer: replied 1 year ago.
Sorry it was supposed to say how can I get the amount from 20T to show up as expenses?
Expert:  Anne replied 1 year ago.

Line 20T is an informational box only. This is your share of gross income from the property, share of production for the tax year, etc., needed to figure your depletion deduction for oil and gas wells. The partnership should also allocate to you a share of the adjusted basis of each partnership oil or gas property. This line will NOT be entered on your tax return. It is an internal adjustment.

Expert:  Anne replied 1 year ago.

I see that you ave read my answer but not rated it. Did you have another question?

Again, please remember that it is only through positive ratings that we are compensated for our time and knowledge.