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DTese
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1099-B & Schedule K1 -- Calculating Regular and AMT Gain or Loss

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 -

1099b.png

 

And here's the K-1 Sales Schedule issued by the Partnership -

schedulek1-sales.png

 

Based on the information, I filled out the K-1 interview on TT as per below -

 

tt1.png

 

And this is the final screen -

tt2.png

 

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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1 Best answer

Accepted Solutions

1099-B & Schedule K1 -- Calculating Regular and AMT Gain or Loss

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    

 

 

 

View solution in original post

2 Replies

1099-B & Schedule K1 -- Calculating Regular and AMT Gain or Loss

I'll page @Mike9241. Please check back later.

1099-B & Schedule K1 -- Calculating Regular and AMT Gain or Loss

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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