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Get your taxes done using TurboTax
@k1_learner19: On your questions 1) The values on the K-1 box 9 and 17 don't affect the Sales Schedule. Enter them on the K-1 and TT will handle it. 2) TT will transfer the $400 to Form 4797. But to be sure, I'd encourage you to just experiment a little. Look at Form 4797 (in Forms mode) before and after completing this K-1. You should see it increase by $400. As for the 8949 Column G, TT won't automatically do that. You need to figure out your capital gain/loss using the Sales Schedule, and then go to the 1099-B (I use Forms mode for this) and enter in a corrected basis (line 7a in your 1099-B will be what the broker provided; you can enter a revised number on 7b). The number you use for the corrected basis is whatever value, when subtracted from your proceeds, gives you the right cap gain/loss. Note that when you do this, you'll see an adjustment on 8949 Col G, which will be the difference between the broker provided cost and your revised cost.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎June 7, 2019
4:05 PM