topic K1/S-Corp in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/k1-s-corp/01/939#M452 <P>I was part of an S corp that ended in 2017. I have my K1 Form. While using Turbo Tax to do my taxes, I'm asked to choose how I disposed of this S Corp. I did not manage the day to day oversight. I just had a shareholder's percentage of stock ownership. The S-corp was just ended. Everyone was paid out their final percentage. I'm not sure how to accurately answer this question. I'm guessing the option "I sold it outright (complete disposition). However, I'm not sure if this is correct. Any help?</P> Sun, 01 Apr 2018 21:37:59 GMT eckhoops 2018-04-01T21:37:59Z K1/S-Corp https://ttlc.intuit.com/community/taxes/discussion/k1-s-corp/01/939#M452 <P>I was part of an S corp that ended in 2017. I have my K1 Form. While using Turbo Tax to do my taxes, I'm asked to choose how I disposed of this S Corp. I did not manage the day to day oversight. I just had a shareholder's percentage of stock ownership. The S-corp was just ended. Everyone was paid out their final percentage. I'm not sure how to accurately answer this question. I'm guessing the option "I sold it outright (complete disposition). However, I'm not sure if this is correct. Any help?</P> Sun, 01 Apr 2018 21:37:59 GMT https://ttlc.intuit.com/community/taxes/discussion/k1-s-corp/01/939#M452 eckhoops 2018-04-01T21:37:59Z Re: K1/S-Corp https://ttlc.intuit.com/community/taxes/discussion/re-k1-s-corp/01/942#M453 <P>You can choose 'None of the above'. Then continue to enter the K-1 box numbered information.</P> Sun, 01 Apr 2018 22:15:34 GMT https://ttlc.intuit.com/community/taxes/discussion/re-k1-s-corp/01/942#M453 PaulaM 2018-04-01T22:15:34Z Re: K1/S-Corp https://ttlc.intuit.com/community/taxes/discussion/re-k1-s-corp/01/1071#M454 <P>But you also may have potential gain/loss on the sale of your stock.</P><P>&nbsp;</P><P>The current year income/loss and separately stated items adjust your basis (as well as any prior year items did; it's best to compute basis at the end of every year taking into account that years income/loss, separately stated items, and distributions/contributions) .&nbsp;</P><P>&nbsp;</P><P>You have to compare the amount of distributions you received in exchange (or surrendering ) for your stock.&nbsp; If the total distributions exceeded your adjusted basis in stock, then you have a gain;&nbsp; if less, than a loss (capital gain/loss and depending on your holding period long or short term).</P><P>&nbsp;</P><P>Here is a link for information regarding S Corporations and it includes other links as well.</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations" target="_blank">https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations</A></P><P>&nbsp;</P> Tue, 03 Apr 2018 00:16:09 GMT https://ttlc.intuit.com/community/taxes/discussion/re-k1-s-corp/01/1071#M454 LudwigVan_fan 2018-04-03T00:16:09Z
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topic K1/S-Corp in Get your taxes done using TurboTax
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<P>I was part of an S corp that ended in 2017. I have my K1 Form. While using Turbo Tax to do my taxes, I'm asked to choose how I disposed of this S Corp. I did not manage the day to day oversight. I just had a shareholder's percentage of stock ownership. The S-corp was just ended. Everyone was paid out their final percentage. I'm not sure how to accurately answer this question. I'm guessing the option "I sold it outright (complete disposition). However, I'm not sure if this is correct. Any help?</P>
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<P>I was part of an S corp that ended in 2017. I have my K1 Form. While using Turbo Tax to do my taxes, I'm asked to choose how I disposed of this S Corp. I did not manage the day to day oversight. I just had a shareholder's percentage of stock ownership. The S-corp was just ended. Everyone was paid out their final percentage. I'm not sure how to accurately answer this question. I'm guessing the option "I sold it outright (complete disposition). However, I'm not sure if this is correct. Any help?</P>
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<P>You can choose 'None of the above'. Then continue to enter the K-1 box numbered information.</P>
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<P>But you also may have potential gain/loss on the sale of your stock.</P><P>&nbsp;</P><P>The current year income/loss and separately stated items adjust your basis (as well as any prior year items did; it's best to compute basis at the end of every year taking into account that years income/loss, separately stated items, and distributions/contributions) .&nbsp;</P><P>&nbsp;</P><P>You have to compare the amount of distributions you received in exchange (or surrendering ) for your stock.&nbsp; If the total distributions exceeded your adjusted basis in stock, then you have a gain;&nbsp; if less, than a loss (capital gain/loss and depending on your holding period long or short term).</P><P>&nbsp;</P><P>Here is a link for information regarding S Corporations and it includes other links as well.</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations" target="_blank">https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations</A></P><P>&nbsp;</P>
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