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zero71
Returning Member

How to file Schedule K-1 gains?

I ended my partnership in my company in 2020 by having the company (LLC) repurchase my stock. I was a very small investor. I received my 2020 K-1 which lists the Beginning Capital Account of $6000 and Withdrawals & Distributions of -$6000. Only box 19 is filled with 'C 6000'. 

 

The actual amount of money I received from this repurchase was $8000. How do I enter that into TurboTax? 

 

Thank you

4 Replies
MMTaxMM
Level 10

How to file Schedule K-1 gains?

If you received more than you invested you would usually have a capital gain.

zero71
Returning Member

How to file Schedule K-1 gains?

Would that be input into TurboTax by choosing Complete Disposition and filling out the sale under Sold Partnership Interest?

Mike9241
Level 15

How to file Schedule K-1 gains?

was this a publicly traded partnership (box D on k-1 would be checked) or private investment? 

filling out the sale under Sold Partnership Interest works for a private investment because there was likely no reporting of the sale to the IRS.

zero71
Returning Member

How to file Schedule K-1 gains?

The company is not publicly traded and box D is unchecked. 

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