A few questions:
- Your facts don't make sense. Why are you receiving a K-1 if you indicate "I don't own any shares"?
- If you don't own any shares, what is the basis related to?
- How many years have you received a K-1?
- What other boxes on the K-1 have amounts in them?
- Did you receive a distribution in the final year?
- If this is a final K-1, you can't skip the disposition of S corporation shares section. That is the only way to handle this transaction correctly within TT.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
