@vic201087 The thread has definitely gotten rather long. I think it started back in 2014, when I first had to figure all this out. And then just grew. Fortunately, it all ported over when TT changed the forum.
On the sales schedule, I'm not familiar with how the preferred series report, so am not sure what you should expect in a sales schedule. But it certainly can't hurt to contact taxpackagesupport to verify that nothing else is coming your way.
On box L, I'm not sure I follow your description, but in general the capital reconciliation does two things:
- If the partnership forces you to report income that you didn't actually receive (e.g., line 5 interest income), and pay tax on it, it increases your capital account.
- Similarly, if the partnership gives you a benefit (e.g. charitable deduction) OR actual cash (like the normal ROC distributions), it reduces your capital account.
- The above are both done so that when you eventually sell the calculated gain reflects all these wins and losses over the years.
In the case of a dividend from preferred shares, on which you're paying tax, I wouldn't expect any impact on your Capital Account: you received cash, but also paid tax. No adjustment should be needed when you eventually sell. So if that's what happened, it makes sense. If its not what happened, then I'm misunderstanding something.
And I really appreciate the thought on beer money, but 2020 already had me drinking too much. Toss a little extra towards the next charity you run across, and I'll just enjoy the reflected Karma!
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
