received from K1/1065 from the company i retired from.
received stock that is now fully vested, and received cash payment for it in 2024
the only entries on the form are:
X limited partner or other LLC member
X domestic partner
I1 individual
J profit beginning, a %
J loss beginning, a %
L other increase $$$$
L withdrawals and distributions $$$$ (equal to above)
M is No
Final K1 is X
19 is A, with $$$$ (equal to L)
additional page Item L
plus: other increases to partners capital
other capital adjustments $$$$
withdrawals and distributions:
Cash distribution $$$$
total withdrawals and distributions $$$$
question, where do i put this information, tax forms and lines, would be helpful to completing my turbotax forms
ty
Online editions -
To enter a Schedule K-1
Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button
Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1
Desktop editions -
To enter a Schedule K-1
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button
Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1
if you arr using an online version of TurboTax you need at least the premier version to enter a k-1
but perhaps you don't need to enter the k-1 at all
X limited partner or other LLC member yes
X domestic partner yes
I1 individual automatic in Turbotax
J profit beginning, a % no
J loss beginning, a % no
schedule L can be skipped in its entirety
L other increase $$$$
L withdrawals and distributions $$$$ (equal to above)
M is No no
Final K1 is X yes
19 is A, with $$$$ (equal to L) NO
additional page Item L
plus: other increases to partners capital
other capital adjustments $$$$
withdrawals and distributions:
Cash distribution $$$$
total withdrawals and distributions $$$$
what we don't know is what the "other increases" were for and whether they have any tax significance
in part III of the k-1 it seems all lines 1 through 18 are blank and thus nothing to report for tax purposes.
did you receive a k-1 in prior years? if not beginning capital (supposed to be your tax basis) in schedule L would be zero. Therefore, the cash distribution would be taxable to the extent you did not have tax basis. Did you get any sort of supplemental schedule to aid in tax preparation? you need to contact the partnership to get clarification. we have no access to the k-1 or your tax return