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Get your taxes done using TurboTax
Thank you very much. I zeroed out the whole sales info page and the result looks reasonable. The basis increase from the K-1 was 2700 and the additional tax generated from the K-1 was 660 fed & 280 MN which seems right.
My only issue with your suggestion is this: You said to also adjust the basis on the 1099-B data, which would mean increasing it by 2700. When I tried that it essentially wiped out all additional tax that had been generated from k-1 data. That doesn't seem legit to me, although I wish it did. Not to mention my paranoia that altering the 1099-B cost data would be noticed by the IRS. So I'm leaving the original 1099-B data intact, and paying more tax. Thanks again.
‎April 12, 2021
10:06 PM