3247419
@Mike9241 had some good info related to this topic in late-2023 but I have never had to deal with this type of sale, so I have more questions.
Here is the info I have:
- I have entered the k-1 info
- Checked the PTP box
- Checked the final K-1box
- Checked disposed of entire interest
- I then followed Mikes steps resulting in the following:
I'm not sure of what to enter for the 1250 gains if anything? Next, Mike you mentioned "Lines 20AB should be added to the ordinary income above for reporting the 199A (qualified business income from the PTP)", I'm not sure specifically where I enter this. Also, the supplemental information on the K-1 (specifically the items labeled 20ZZ) don't seem to be included anywhere as when I look at the populated TT forms I don't see them? My prior years passive losses are being incorporated but am concerned Item 20ZZ5 (Partnership Interest Disposition Loss of $-3,638 is not reflected anywhere? Any help would greatly be appreciated!
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I have exactly the same issue as @estram
there is no 1250 gain from this (5557) it's all ordinary income which should flow to form 4797 part II line 10
you should reach the qbi section of the K-1 since Turbotax does not use the box 20 info for most things and especially not the QBI info.
the amount reported in box 20 for qbi should match line 1 of the k-1 and is entered in the QBI section on the line for ordinary business income/loss
the 4797 recapture is entered on the line for other income/loss
Thanks very much!!
Question, does the Loss Item in my K-1 (specifically line 20ZZ5 - Partnership Interest Disposition Gain/Loss Adjustment for Section 163(j) for -$3,638) carry forward somewhere as the description suggests that maybe this would be "needed in calculating my Adjusted Taxable Income"?
Question - why isn't the sale price of $13182.61 from the 1099-B entered on the "enter sales information" screen? Instead the number from column 7 of the sales schedule is entered.
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