Hi. My question is about reporting an MLP "GAIN SUBJECT TO RECAPTURE AS ORDINARY INCOME" which is shown on column 7 of the "2018 SALES SCHEDULE" of the K-1 sent to me by Magellan Midstates Partners, LP. The note for Column 7 says that I can also post it to line 9 of the 1040. Where in Turbo Tax Desktop Premier do I get this posted to line 9 of the 1040 to take the Qualified business income deduction?
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There's a bug in TT. It has the logic to deal with this in the interview, but it doesn't. See this answer for how to trigger it to grab the Ord Gain from the sale: https://ttlc.intuit.com/questions/4689809-how-does-turbotax-add-ptp-ordinary-gain-into-the-qbi-deduc...
how can I report 'gain subject to recapture as ordinary income' in Turbotax 2019 premier?
If in your Turbo Tax the gain as a sale of a business whether it be Real Estate or other disposal assets, Turbo Tax will automatically handle the recapture for you. What kind of property was this?
ordinary business income $-2631
gain subject to recapture as ordinary income $4293
Just a couple a questions to ask:
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