Oil & Gas K-1, 20Z, Qualified PTP Item Reporting, Ordinary Income on sale of interests

[turtax_live]

Where does "Ordinary Income on sale of interests" go during the interview?  I reach the page "We need some more information about your 199A income" where I can fill out "Ordinary business income" and "Section 1231 Gain" that I see in the 20Z notes regarding Qualified PTP Item Reporting, but the closest box that matches is "Total Ordinary Form 4797 Gain/loss included above."

Thanks.

[AliciaP1 · Accepted solution]

This amount may be identified on your K-1 in box 11 with code I, but it may not be specifically identified there.  Since it is showing on your Statement A like this, the correct box to enter it under is the "Total ordinary Form 4797 gain/loss included above".  This will allow you to take any losses associated with the interests either in the current year or future years as applicable.