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ttideasy
New Member

In 21 I bought some stock and sold it shortly thereafter - that company issued a K-1 - will this have any effect on Turbo Tax doing my taxes for me

 
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2 Replies

In 21 I bought some stock and sold it shortly thereafter - that company issued a K-1 - will this have any effect on Turbo Tax doing my taxes for me

i assume 2021. yes, it will affect your taxes. the k-1 items need to be reported on your tax return and the sale needs to be reported. however, the broker's statement probably does not reflect your actual tax basis because the activity of the partnership must be taken into account plus, if this was a partnership, section 751 ordinary income which would likely be reported in box 20 or on a separate schedule included with the k-1 

rjs
Level 15
Level 15

In 21 I bought some stock and sold it shortly thereafter - that company issued a K-1 - will this have any effect on Turbo Tax doing my taxes for me

Are you asking whether you will be able to use TurboTax because you have a Schedule K-1? Yes, TurboTax Online Premier or Self-Employed will allow you to enter the Schedule K-1.

 

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