I previously received excellent advice relating to the final K-1 I received, but now am having trouble inputting the various lines into turbo tax and having it show up where it should, as well as concern I am paying too much tax on this transaction. I must be doing something wrong. This is a low income housing tax credit, and it was purchased in 1977 for 80,000; I was already kindly informed that the tax basis is 13,760.80 and sale price 13,760.80 so net 0.
The information is as follows:
Beginning capital account 9,435.14
Current year income 4,325.66
Withdrawals/distributions 13,760.80
Box 2 -2543.32
Box 5 128.34
Box 9C 7350.50
Box 11I 7350.50
Box 13K 609.86
Box 17A -12.94
Box 20 Code Z
Section 199A Income -2,543.32
Section 199A W-2 145.54
Section 199A Unadjusted basis 19,848.23
This is the final K-1; when I input the Box 9C and 11I amount, which seems to be the same dollar item listed twice, it affects the federal tax with an increase EACH time-- is that correct? that it would be two hits even though just one amount, but because it is listed in two boxes? Also, the K-1 specifically states that the 11I amount needs to be in Schedule D, line 12-- but it's not there in the turbotax forms section in Schedule D, line 12. Thanks for taking a look at this and providing any advice you have on what I may be doing wrong.
