My spouse has a 1065 K1 with an value in Box 11 (Other income) with code ZZ. In the description it says "Nonportfolio long term capital gain". In TT, after inputting the requested data, it looks like this value is not populating through the rest of my taxes (form 8949 or Sched D). When I go to the TT K1 Partner sheet, under section B, Box 6a, the field for Non-portfolio capital gain is empty and locked, so I cannot update that field. Am I correct that I should have to report this long term cap gain? If so, how can I get this amount to populate through TT?
Thanks!
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Bumping this post. Turbotax still seems to be ignoring this "Other Income" section, but I think it needs to be reported as a long term cap gain... Input from a Turbotax associate would be much appreciated - Thanks!
Turbotax does not automatically handle line 11zz. there is a sub schedule with two options.
1) the amount is reported schedule E page 2
2) other - Turbotax ignores this - you are on your own as to where to enter it. Don't know if this is a passive or nonpassive LTCG which may or may not make a difference on your 1040. you may need to contact the partnership unless they provided additional guidance like in box 20 or a cover letter.
Thank you! This is a passive LT cap gain. I will handle it by doing an override for Schedule D part II box 12.
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