Entries in K-1 not transferring over

[taxwarrior123]

Hi,

I just entered all my information on the K1. 

In Box 11, I have a  NONPORTFOLIO SHORT-TERM CAPITAL GAIN (LOSS) reported with Code S.

The net loss I enter here does not show up in the capital gain losses. This is supposed to directly transfer over as a capital gain loss according to IRS.

Is this feature not supported in TurboTax Premier 2024?

How do I work around this if this is an issue?

Thank you!

[taxwarrior123]

I checked that this should in fact be shown on Schedule D. But Turbotax is not carrying this over from the K-1. Would love to know if others have the same problem (I'm seeing reports in previous years of issues, not sure about 2024).

This is what is supposed to happen per IRS.

Code S. Non-portfolio capital gain (loss).

Net short-term capital gain (loss) and net long-term capital gain (loss) from Schedule D (Form 1065) that aren’t portfolio income. An example is gain or loss from the disposition of nondepreciable personal property used in a trade or business activity of the partnership. Report total net short-term gain (loss) on Schedule D (Form 1040), line 5. Report the total net long-term gain (loss) on Schedule D (Form 1040), line 12.

[JamesG1]

In TurboTax Premium Online, I am able to report Box 11 non-portfolio capital gain/loss.

Have you identified the net short-term / net long-term amounts of the gain/loss?

[taxwarrior123]

Thank you. I use the Desktop Premier version, and the data does not seem to transfer over for sure. Yes - I checked the short and long term gain(loss) and the loss is not being recognized.

I tried even creating a dummy return with just a few entries and can see that this is not taking effect.

[Mike9241]

did you import the K-1 info? if so, it might be corrupted. You'll need to remove the imported data through the file tab and enter it manually.