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k-1 line 13,code T has some large amounts that seem inconsistent

with the underlying investment dollars...
k-1 line 13,code T has some large amounts that seem inconsistent with the underlying investment dollars. What's the catch? What's actually being reported to the partner?
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Answered in 13 minutes by:
4/8/2013
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hi and welcome to JustAnswer:

The amounts on Line 13 Code T related to the Domestic Production Activity Deduction. T1 is your portion of the activity's gross receipts, similarly for the other lines. The key number in that section is Wages. Generally speaking, your potential maximum benefit is 50% of that line.
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Customer reply replied 4 years ago

So if there are no Wages, there is no deduction and no tax benefit to these amounts?

Correct. I usually ignore the info as wages are low or $-0- on my client's K-1s.
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
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MequonCPA
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
2,342 Satisfied Customers
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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