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
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If you received more than you invested you would usually have a capital gain.
Would that be input into TurboTax by choosing Complete Disposition and filling out the sale under Sold Partnership Interest?
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.
The company is not publicly traded and box D is unchecked.
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