I entered the original total sale information as prompted. I was not prompted to enter how much of the proceeds I received during 2018. So, at the moment, the summary shows the entire gain that will take place over 7 years, not just to gain for 2018? If I recall, last year I was not able to complete the return online. I had to download the TT software.
So you DID receive principal in 2017 and reported that OK?
It sounds like you didn't transfer over 2017 into 2018. "In fact I had to download the TT software" - for 2017 I presume. Yet now you're back to using online? If your competed your 2017 income tax return on your computer then that's where the .tax2017 file is so that's the file you need to transfer into the 2018 program.
Even so, if you didn't transfer the 2017 income tax return into 2018 that doesn't prevent you from doing the installment sale online. You just re-enter the 2017 information again and then TurboTax asks about 2018.
Tom Young
Assuming that you DID receive principal amounts in 2017 then you should have reported some amount of 2017 gain. You may need to first amend that 2017 income tax return.
I did complete both parts I and II of form 6252 in 2017. Part I - the Gross Profit and Contract Price, and Part II - the Installment Sale Inocme for 2017. Now, I'm trying to complete only Part II for 2018 - the Installment Sale Income for 2018. I don't see how/where to do this. TT Online is only asking about Part I information. I don't see find where or how to enter the Part II info.
So you DID receive principal in 2017 and reported that OK?
It sounds like you didn't transfer over 2017 into 2018. "In fact I had to download the TT software" - for 2017 I presume. Yet now you're back to using online? If your competed your 2017 income tax return on your computer then that's where the .tax2017 file is so that's the file you need to transfer into the 2018 program.
Even so, if you didn't transfer the 2017 income tax return into 2018 that doesn't prevent you from doing the installment sale online. You just re-enter the 2017 information again and then TurboTax asks about 2018.
Tom Young