topic I have both long term and short term capital gains on a K-1, how do I break these out? in Get your taxes done using TurboTax

I have both long term and short term capital gains on a K-1, how do I break these out?

jeff-poeschl — Mon, 22 Mar 2021 23:58:12 GMT

Re: I have both long term and short term capital gains on a K-1, how do I break these out?

NCperson — Tue, 23 Mar 2021 00:05:04 GMT

isn't it already identified on the K-1 on lines 3 and 4a?

TT will know how to treat these numbers and put them in the correct place on the tax return.

is that what you are asking?

Re: I have both long term and short term capital gains on a K-1, how do I break these out?

jeff-poeschl — Tue, 23 Mar 2021 00:30:01 GMT

TT asks for purchase and sale dates. I enter 'various'. It never asks me to enter the various dates. Then it lumps the entire gain/loss into Short term.

Re: I have both long term and short term capital gains on a K-1, how do I break these out?

NCperson — Tue, 23 Mar 2021 02:22:58 GMT

I am confused. if you have a K-1, the information is already separated.

All you have to do is enter the K-1 into Turbo Tax and the software will do the rest. Under "business items" there is a place to enter the K-1.

Are you trying to enter the LT and ST gains directly into Schedule D? that is not how you do this.