I have a final schedule K-1 with box L showing Box 11.ZZ amount + STCG + LTCG - Investment interest expenseBox 11.S is set STCG + LTCG.Box 11.ZZ is DIVIDEND INCOME + INTEREST INCOME - MANAGEMENT FEES - OTHER DEDUCTIONS + OTHER INCOMEI am unable to enter STCG & LTCG separately when I enter K-1 information. If I select "Complete Disposition" option for liquidation, I get a screen with 2 columns "Regula Gain or Loss" and "AMT Gain or Loss" but the entries do not allow for separate entries of ordinary income, qualified dividends, STCG or LTCGWhen I enter Box 13 amount which I expect to be fully deductible, Turbo tax lowers the tax by a very tiny amount. I am guessing this is happening because TT is ignoring Box 11.ZZ and STCG which get offset by Box 13's deductionsA significant portion of my dividends is qualified and I have section 1250 gain, 897 LTCG etc. listed in the footnotes which I am unable to enterIs my tax situation covered by Turbo Tax? if so, how do I get to the correct screens for entering details such as above?

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dhawalfs1

Level 2

Question

Schedule K-1 11S STCG and LTCG reporting

Forum|Forum|1 year ago
April 12, 2025
1 reply
51 views

I have a final schedule K-1 with box L showing Box 11.ZZ amount + STCG + LTCG - Investment interest expense

Box 11.S is set STCG + LTCG.

Box 11.ZZ is DIVIDEND INCOME + INTEREST INCOME - MANAGEMENT FEES - OTHER DEDUCTIONS + OTHER INCOME

I am unable to enter STCG & LTCG separately when I enter K-1 information. If I select "Complete Disposition" option for liquidation, I get a screen with 2 columns "Regula Gain or Loss" and "AMT Gain or Loss" but the entries do not allow for separate entries of ordinary income, qualified dividends, STCG or LTCG
When I enter Box 13 amount which I expect to be fully deductible, Turbo tax lowers the tax by a very tiny amount. I am guessing this is happening because TT is ignoring Box 11.ZZ and STCG which get offset by Box 13's deductions
A significant portion of my dividends is qualified and I have section 1250 gain, 897 LTCG etc. listed in the footnotes which I am unable to enter

Is my tax situation covered by Turbo Tax? if so, how do I get to the correct screens for entering details such as above?

TurboTax Premier Online

jtax

Level 10

Most folks with these kinds of complicated returns prefer using TT Desktop because you can switch back and forth between the interview mode and forms mode. I find it essential to be able to see the forms and worksheets to understand what TT is doing and verify that both 1) it is correct and 2) I have entered what I need to in the proper manner to get the correct result. #2 is often not obvious.

I would have to look into the code ZZ and Box 13 stuff. But here is how the Box 11 code S stuff works. Box 13 is very similar.

For many of the K-1 boxes, in forms mode, there is a click box to "quickzoom" to a worksheet to enter the details in a way that TT can make use of. Presumably, this can get entered somewhere in the interview, but I find it very difficult to use the interview for this kind of thing.

Below is an example of entering a box 11 code S in the worksheet with $25k STCG and $75k LTCG. In forms mode, you can easily verify that they flow to an 8949 and then to Schedule D.