Where to report amounts in K-1 footnote: reduce 1231 gain, increase1250 gain, step up depreciation not reported

[Staci87]

I received a final K-1 with the note at the bottom of this post. The partnership sold assets, made distributions and dissolved at the end of 2023 so this was not done via a sale.

I am not seeing any location to make these adjustments. How does Turbotax account for these? I do not see anything that makes sense in the step by step. Do I need to enter any of this directly on the forms area of Turbotax?

"THE SECTION 1231 GAIN REPORTED ON LINE 10 OF YOUR K-1 DOES NOT REFLECT YOUR INCREASED TAX BASIS AS A RESULT OF INHERITING YOUR INTEREST IN THE PARTNERSHIP. YOUR GAIN ON SALE SHOULD BE REDUCED BY $90,377 WHICH REFLECTS YOUR SHARE OF THE SECTION 743 BASIS INCREASE IN THE LAND SOLD IN 2023.

THE UNRECAPTURED GAIN REPORTED ON LINE 9C OF YOUR K-1 SHOULD BE INCREASED BY $6,108 TO REFLECT DEPRECIATION CLAIMED ON THE INCREASED BASIS.

2023 STEP UP DEPRECIATION DEDUCTION NOT REPORTED ON K-1 682."

[PatriciaV]

Correctly adjusting the amounts from Schedule K-1 for these items will be a complex and tedious process. If you are using TurboTax Online, you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

Unfortunately, there is no live expert service for TurboTax for Desktop. In this case, you may wish to contact the company that sent you the K-1 for help making these adjustments to your K-1.

[Staci87]

Thank you for the recommendation. I will consider it. My issue is I know what it should be doing but I cannot figure out how to edit this in turbotax. I am not asking for tax advice but only where to put overrides and, for that, I do not want to have to pay extra. 

[PatriciaV]

The instructions you quote above provide the line number for each adjustment. You can either do the math yourself and enter the result or use the "Add Supporting Details" option (right-click box in TurboTax for Desktop). Either way, enter the adjusted amount instead of the amount from the K-1.