My wife and I sold our S-Corp and received a K1 (Form 1120S) from an accountant. I tried entering the information into Turbo Tax and selected that the S-Corp was sold entirely in 2024. However I must be entering something wrong because my taxes on the long term gain are double what I anticipated. I am simply inputting the #’s I have from my K1 and trying to answer the questions the best I can. Something is off though. It is also not abundantly clear how to enter everything since some of the questions in TurboTax don’t seem to line up neatly with the info on our K1. Any insight? Any additional info I can give to help guide me?
