I am filling out a K1 form on TT. TT has an "ordinary gain" box under AMT gain or loss. My K1 has a AMT gain loss adjustment number. Do I put that number in that column?

[tgwald]

I sold all of my stock in this company thru a broker.

[DianeW777]

If you have a number in a specific box you should enter it exactly as it appears in the specified box.  If you can provide which K-1 you are working on and the specific box we can better assist.

[stevew7]

I have the same question @DianeW777 .  I have a sales schedule (after selling my shares).  I wanted to clarify each of the boxes on this page of TurboTax

This is the sales schedule I received:

In the column "Regular Gain or Loss", for the sale price, is that my sale price from my 1099-B?

For Partnership Basis, is that from the 1099-B or is it based off box 6 of the form below, the "cost basis"?

For Ordinary gain, is that box 7?

In the column labeled "AMT gain/loss", for ordinary gain do I use box 8 of the form I received?  It refers to form 6251 line 2K.  What do I fill out for "partnership basis"?  Looks like it automatically carries over from the other column?

Thanks!

[DianeW777]

Yes, the sales price is from your 1099-B.  The cost basis to use is the amount from Box 6 if it is different than on Form 1099-B. This assumes the partnership has a more accurate cost basis than the financial agent issuing the 1099-B.

Yes, if you have an amount in Box 7, then this is the amount of recapture that must be  reported as ordinary income.

If you have an amount in Box 8, this should be used as an adjustment to the regular gain (plus or minus depending on whether it is a positive number or a negative number) to arrive at the total AMT gain. 

The partnership basis could be different for AMT, so make sure the gain is accurately reflected based on the information provided and if necessary adjust the basis by the same amount to arrive at the correct AMT gain.

@stevew7