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?
You'll need to sign in or create an account to connect with an expert.
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.
well this isn't good because I already filed. By chance do you know at what point can you amend a return?
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.
@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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
caumick62
New Member
eglmrk
New Member
bwadhwani
New Member
Rachelmetheny
New Member
ed39a3e1d387
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.