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?
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=Taxpayers%20should%20wait%20for%20the,tax%20as%20soon%20as%20possible.
@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.