How do I get my S-Corp K-1 Box 10 code E to flow to Schedule D, Part II Line 12? This gain needs to show up on line 12 and not on Line 10.

I sold my S-Corp in a varied part transaction. I am certain that Code E on my K-1 is meant to flow to line 12 Net long term gain from S-Corporation from Schedule K-1 (the corporate tax accountant confirmed it). But every entry I put in TurboTax puts it on Form 8949 and Schedule D Part II line 10.

1205

1 Best answer

Intuit Alumni

Jun 3, 2019 10:25:10 AM

According to the instructions for the 1120S K-1, it is Box 8a on the K-1 that should flow to Schedule D, line 12.

Box 8a. Net Long-Term Capital Gain (Loss) Report the net long-term capital gain (loss) on Schedule D (Form 1040), line 12.

Box 10, Code E should flow to line 10 of Schedule D.

New Member

Jun 3, 2019 10:25:09 AM

I am entering the total in TurboTax as Long-Term Capital Gain not Portfolio Income