@nexchap Thanks for your time and kindness to share your knowledge. This is very useful information to deal with K-1 and 1099B entry correctly. I am not as good as most others here to handle K-1, and I would like to ask K-1 related questions for my return. I sold AB K-1 in year 2018 and received K1 (including K1 Sales Schedule) and 1099B for this transaction.
On my K-1, BOX9c-Unrecaptured section 1250 gain, it has "1" there, and BOX17-Alternatie Minimum Tax (AMT) Items, it has "-3" there. On K-1 2018 Sales Schedule, it didn't show " Unrecaptured section 1250 gain" and " Alternatie Minimum Tax (AMT) Items" in any columns. I would like to know: (1) do I still need to enter "1" and "3" for "12450 gain" and "AMT items" under "Enter Sales Information" Section on TurboTax K-1 interview section since I have entered those information in BOX 9c and BOX17? (2) K-1 2018 Sales Schedule in column-7 (Gain Subject to Recapture As Ordinary Income) has "$400" there. Right below the number, it said to put on "Form 4797 Part II Line 10" and "Form 8949 Column-G". Will TurboTax take care of the "$400" when I go through TurboTax interview? The column instructions on Sales Schedule said: "Reporting this amount of $400 as a negative adjustment in Column-G of Form 8949 should generally result in the correct capital gain or loss. Do I need to make any manual adjustment in my TurboTax entry OR will turboTax takecare of this negative $400 on Column-G of Form 8949. If not, how should I fix it? Thanks in advance for your response and assistance!
