Hello community, I am using the CD version of TurboTax Premier 2023 and would appreciate any step by step instructions for how to enter the following information from our K-1 to ensure that the portion of the capital gains that are subject to the Section 1202 exclusion are properly flowed through the program. Thank you!
We have a K-1 that is showing (sample numbers)
- Box 9a (net long term capital gains): $25
- Box 11 Code I (Section 1202 gain (100% excludable): $8
In the footnotes of the K-1, the details for the 2 securities that were sold that accounted for the amounts in Box 11 Code I:
- Security 1: purchased on 9/2/2015 and sold on 4/2/2022 - net gain = $3
- Security 2: purchased on 11/10/2016 and sold on 2/10/2022 - net gain = $5