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17714: 1040 - K1P Box 13 Code WA


K1 Entries

Where does the amount entered in screen K1P, box 13, Code WA flow to?

 

Generally, code WA -- Interest expense allocated to debt-financed distributions-- flows to the Wks K1P Detail Adj Basis, line 10k, then to Schedule E, page 2, line 28. The following items may impact whether the amount is allowed or limited: 

  • Activity type,
  • Current year K-1 income or loss,
  • Partner's basis.

If the amount is not showing on Schedule E, page 2 as expected, review the Wks K1P Detail Adj Basis and Form 8582 (if applicable). See the Partner’s Instructions for Schedule K-1 (Form 1065) for additional information.


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