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R
RP62_2
Level 3
April 13, 2026
Question

Schedule K-1 Line 13 coded as ZZ $180000

  • April 13, 2026
  • 2 replies
  • 12 views

Shcedule K-1 Box 13zz shows other deductiond ..Business Interest deductions of 180k as shown above 

explaination said that it is deductible on the individual income tax return Echedule 3 p2. The person is an employee and not a partner , is it still deductible ?? Interest income on k-1 is 50K

2 replies

sjrcpa
sjrcpa
Level 15
April 13, 2026

Why are they getting a K-1 if they are not a partner?

The more I know the more I don’t know.
    I
    IntuitThomasM125
    Level 3
    April 14, 2026

    If the employee received a K-1 form, then he must be a partner as well as an employee. I believe what you mean is that $50,000 of interest income was reported on line 5 of the K-1 form. In box13 is listed $180,000 of investment interest expense. You can deduct the investment interest expense up to the amount of investment income on Form 4952, Investment Interest Expense Deduction, on line 1, Part 1. 

    sjrcpa
    sjrcpa
    Level 15
    April 14, 2026

    Investment interest expense is reported on Line 13H of the K-1.

    The more I know the more I don’t know.
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