1040 and K1 Capital Gain

Hello!

I was asked by my accountant to take a screenshot of the summary of my return before and after I enter my capital gains. On the K1 form, I have box 16 with values in "C" and "D". There is a note on the back that reads "Excess Distributions To Be Reported on Form 1040 - $$$" which is the difference between "C" and "D". My questions are;

1. Do I need to enter this somewhere separate or is this just a note for me?

2. How can I get a summary of my return without the capital gains?

Thanks!

Expert Alumni

Mar 6, 2024 7:53:09 AM

Is your K-1 from a partnership, estate, or corporation? You will likely need to enter the amounts for those codes, but I need to verify which type of K-1 you have first. There is not a way to get a summary without capital gains, other than looking at the summary before you enter and after you enter the capital gain.

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1040 and K1 Capital Gain