I did my S-Corp's Schedule K in TurboTax for Business. Not I'm trying to complete my 1040 in TurboTax, and it requires entering the Sch K information. The Sch K has Box 17 Code K listed as "* STMT" where I know to leave that box black and continue on the TurboTax interview process to enter some older asset dispositions that previously used Sec 179 deductions (100%) from the year of purchase (back in 2018 and 2019).
The interview process is asking for each disposition the below info. I can see several columns in the Schedule K-1: Section 179 Disposition Report that don't exactly seem to correspond to the below required TurboTax info where I have put a ??? beside the items to get help with the column mappings:
1) Description, Purchase Date, Sale Date
2) Purchase Price (??? - not listed on the Disposition report: I know the purchase price was the Cost Basis, so do I just use that same Cost basis column F)
3) Sales Price
4) Expense of Sale (??? - do I just use that same Cost basis column F which also says expense of sale)
5) Depreciation
6) Depreciation AMT
7) Section 179 Expense
😎 Section 179 Disallowed (??? - not listed on the Disposition Report)
Thank you for your help in advance.
- MCY
