I received a Draft K-1 from a company that I am a limited partner in. Box 19C has an amount of $127,201. This amount was distributed to me 8/4/2024.
The description is Shares of Sedgwick Claims Management Services, Inc. with a FMV of $127,201 and a TAX BASIS of $127,201.
Box L Partner’s Capital Account Analysis
Beginning capital account . . . $444,470
Capital contributed during the year . . $0.00
Current year net income (loss) . . . $(464)
Other increase (decrease) (attach explanation) $(127,201)
Withdrawals and distributions . . . $0.00
Ending capital account . . . . $316,805
I also received a payment in October for $888,940 which is not reported on the K-1
The beginning balance was a gift I received in March 2023.
I am completely confused on how to enter all this into Turbo Tax so that I file correctly and pay the appropriate taxes.
All assistance is greatly appreciated.
