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alittletf
Returning Member

K-1 info not updating taxes owed (only have box 19)

I received some form of shares from a private company I worked for in 2019. After I left, they were bought/merged or something with another company in 2020. in 2021, they sent me a $6800 check for my shares which I agreed too. 

 

I filled out the K-1 I have which really only has box 16 (K-3) and box 19 with code A for amount of $6800. On the K-3 portion, there is nothing beyond Part I applies. No foreign anything related to this company/transaction. 

 

When I enter as much as I can from the K-1, TT says I don't owe anything for it. This surely can't be. I tried going to Stock sale in investments but I am forced to enter 1099-B info which I don't have. 

 

What am I doing wrong? 

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4 Replies

K-1 info not updating taxes owed (only have box 19)

i assume the k-1 was marked final 

then you need to enter the k-1 uncheck box 16

box 19 goes nowhere.

there is a disposition section for the partnership 

sales price would be 6800

cost (tax basis) - you'll have to determine that.

 

alittletf
Returning Member

K-1 info not updating taxes owed (only have box 19)

well this isn't good because I already filed.  By chance do you know at what point can you amend a return? 

K-1 info not updating taxes owed (only have box 19)

The amount is returned to as your own capital in that company. So only for reporting, no taxes as it is not reported as income in box 1.

K-1 info not updating taxes owed (only have box 19)

@alittletf When to amend can depend on how you're tax situation has changed.  Here's a link from the IRS:  https://www.irs.gov/newsroom/what-taxpayers-should-know-about-amending-a-tax-return#:~:text=Taxpayer....

 

@trusharp This isn't correct.  This K-1 is for the final disposition of the partnership.  The distribution doesn't represent ROC -- it's the final payout.  Tax is owed on the difference between that payout and whatever the basis is.

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