I have a Section 1202 gain reported on a K-1. How do I enter the exclusion of the gain (which is from sale of Qualified Small Business Stock) into TurboTax?

[ThomasM125]

Instead of reporting the small business stock sale on your K-1 form entry, you would enter the sale in the Investment Income section of TurboTax and then Stocks, Cryptocurrency, Bonds, Mutual funds, Other. Choose the Stocks, Bonds, Mutual Funds option:

For the type of stock sold, choose Stock (non-employee) on the screen where you enter the sales and cost basis information. On the next screen you will see where you can indicate that the sale is of small business stock, after which you will be asked a few questions about the small business stock.