Hi there,
Can someone please help me out in filling the Schedule K1? I bought this partnership several years ago and sold it all in 2023.
Here's the relevant section of 1099-B that I imported from my brokerage into TT -
And here's the K-1 Sales Schedule issued by the Partnership -
Based on the information, I filled out the K-1 interview on TT as per below -
And this is the final screen -
Can someone please confirm if I'm doing this correctly? Do I need to go back and delete the original entries from 1099-B so it doesn't double report the gains/losses?
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not correct
the ordinary income portion is omnly reported through the k-1 sales schedule
the capital gain portion is only reported on form 8949. using the k-1 sales section for this will result in a notice from the iRS for underreporting proceeds instead of codes B&E as on the 1099-B the 8949 will reflect code X
so for the sales section the sales price should only be the 396 for regular tax amd tax basis 0
for amt column tax basis should be 73 to get a -73 to flow to 2k of form 6251 (ordinary gain should compute to 323
column 3 | column 6 | column 7 | column 8 | column 9 | ltcg | ltcg | stcg | ||
701.95 | |||||||||
2807.81 | |||||||||
50.17 | |||||||||
3559.93 | 2261 | 1298.93 | 396 | 902.93 | 0.99 | 893.9 | 9.03 | ||
cost basis | 2261 | ||||||||
total cost basis | 2657 | ||||||||
scheduke d /8949 reporting | |||||||||
sales price | shares | % | gain allocated | cost by difference' | |||||
701.95 | lt | 15 | 20% | 178.78 | 523.17 | ||||
2807.81 | lt | 60 | 80% | 715.12 | 2092.69 | ||||
3509.76 | 75 | 893.9 | 2615.86 | ||||||
50.17 | st | 9.03 | 41.14 | ||||||
3559.93 | 902.93 | 2657 |
I'll page @Mike9241. Please check back later.
not correct
the ordinary income portion is omnly reported through the k-1 sales schedule
the capital gain portion is only reported on form 8949. using the k-1 sales section for this will result in a notice from the iRS for underreporting proceeds instead of codes B&E as on the 1099-B the 8949 will reflect code X
so for the sales section the sales price should only be the 396 for regular tax amd tax basis 0
for amt column tax basis should be 73 to get a -73 to flow to 2k of form 6251 (ordinary gain should compute to 323
column 3 | column 6 | column 7 | column 8 | column 9 | ltcg | ltcg | stcg | ||
701.95 | |||||||||
2807.81 | |||||||||
50.17 | |||||||||
3559.93 | 2261 | 1298.93 | 396 | 902.93 | 0.99 | 893.9 | 9.03 | ||
cost basis | 2261 | ||||||||
total cost basis | 2657 | ||||||||
scheduke d /8949 reporting | |||||||||
sales price | shares | % | gain allocated | cost by difference' | |||||
701.95 | lt | 15 | 20% | 178.78 | 523.17 | ||||
2807.81 | lt | 60 | 80% | 715.12 | 2092.69 | ||||
3509.76 | 75 | 893.9 | 2615.86 | ||||||
50.17 | st | 9.03 | 41.14 | ||||||
3559.93 | 902.93 | 2657 |
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