How to enter Intangible drilling cost in 1120S from k-1 line 13 code w

ngainc · ‎10-09-2021

After entering the information into the K-1, the deductions for the drilling cost are not reducing the taxable income as it should

Just-Lisa-Now- · ‎10-09-2021

If you use the Quickzoom button under Line 13 for Code W, you'll see that many of those items need to be manually entered in the return.

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Terry53029 · ‎10-09-2021

There is no line 13 code W on a 1120s K1. There is a line 13 code W on a 1065 K1. Double check your K1 info

Just-Lisa-Now- · ‎10-09-2021

Ah, good catch, I missed that it was a 1120S K-1, I looked at a partnership K-1

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ngainc · ‎10-09-2021

Thank you

ngainc · ‎10-09-2021

You re correct, it is a partnership k-1, thank you!