I'm entering my S-Corp K-1 details into my personal tax return. Under Box 15, I have losses listed in both Code A and B. In the next screen, TurboTax is asking the following:
Enter the dollar amount of the adjusted gain or loss reported on box 15, Code B of your K-1
- Adjustment to Section 1250 Gain _____
- Adjustment to Section 1231 Gain _____
I've looked through my S-Corp tax return and I can't find anything in the lines that mention either Section 1250 or Section 1231.
If I leave both boxes blank and move on to the next page, it looks like TurboTax automatically fills in the "Adjustment to Section 1231" box with the loss amount from Box 15, Code B. Is this correct? Or should I put 0 in both boxes? Or something else?
Can someone please advise? Happy to provide any additional details if necessary. Thanks!
