K1 Box 13 Code J

[Possi]

I am trying to enter this amount from the K1 to the Sch E page 2. My program will require an override to get the number there, and I want to be sure I can take the deduction.

I called the creator of the K1 and the amount is for "Intangible drilling cost."

I wondered if the costs were already reflected in the Box 1 total, and it is not. Somehow I need to get it to the Sch E pg 2, Line 28. In Taxwise, there is not an open box for this on the K1 worksheet.

I have read the instructions over and over, and it should feed from the 8582. (The 8582 is on the return, taking care of other losses) I do not know where to enter it on the 8582.

I am certain it should feed from there, and not become a forced entry with no back-up.

Can anyone help?

Thanks!
~possi

[ChEAr$]

K-1

Which type of K-1 are you talking about? partnership, or S corp? that might matter.

[Possi]

Partnership

It is a partnership. My client inherited it.

[Gene V]

This may not help you, my software (Lacerte) his entry for line 13J. It has line 13 entries, then a little further now the page it has line 13J. You might see if yours is the same way.
If that doesn’t work—you might just subs tact the drilling cost from the income and enter that on line 1 of the k-1—because that is what the program does anyway.

[Possi]

No entry for Taxwise

This may not help you, my software (Lacerte) his entry for line 13J. It has line 13 entries, then a little further now the page it has line 13J. You might see if yours is the same way.
If that doesn’t work—you might just subs tact the drilling cost from the income and enter that on line 1 of the k-1—because that is what the program does anyway.

There isn't an entry box on my worksheet. If I can short cut the system and take it off the K1, I will do that. At least I know it is the right "bottom line" I'm coming to.

Thanks, as I was wondering "IF I had an entry point on the program, how will this pan out?" And the result is a reduction of K1 income. I appreciate it.

~p