I got a K-1 yesterday and Box 11 item I had a gain that is eligible for the 1202 exemption. However, when the gain is recorded on form 8949, Turbo Tax won't let me override columns f,g and h to enter in the adjustment for the exclusion. Why is that? I think that I am able to do this from a 1099B, but my gain was not reported on a 1099B.
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@earlyride5372 wrote:
Turbo Tax won't let me override columns f,g and h to enter in the adjustment for the exclusion.
Which version of TurboTax are you using and which selections did you make when entering your K-1 (1065)?
I was able to override those columns on Form 8949 in a desktop version of TurboTax (Home & Business). Obviously, you will not be able to e-file your return if you override entries on that form.
@earlyride5372 wrote:
Turbo Tax won't let me override columns f,g and h to enter in the adjustment for the exclusion.
Which version of TurboTax are you using and which selections did you make when entering your K-1 (1065)?
I was able to override those columns on Form 8949 in a desktop version of TurboTax (Home & Business). Obviously, you will not be able to e-file your return if you override entries on that form.
the gain can't be done through the k-1. it has to be done through either the 1099-B worksheet (not the 1099b) or the capital gain worksheet.
for 1099-B lines:
1 enter F
4 enter pass-thru from xyz partnership
6a enter gain as sales price
7 enter 0 as cost
18a enter Q to adjusted gain on 1202 exclusion
18b enter the exclusion amount as a negative number - you'll need to calculate this manually
if you use the capital gain worksheet
Part 1
1a = no
2a = x
Part II
1c = x
Part III
1= pass-thru from xyz partnership
3a = x
4 = 12/31/2019
5c = from line 11 of k-1 net capital gain qualified for 1202 exclusion
6f-6i check the one applicable
Part IV
1a = x
2a = x
3a = x
4a = various (usually just typing v will produce various )
4b = 0
12 a, b, or c check one as applicable (most likely b)
if you override an actual form like the 8949 you will not be able to e-file
and TT accuracy guarantee will be void
I am using the Premier Version. The 8949 column f, g and h all claim that one of the data sources is the K-1 worksheet, but I am afraid that is not true.
don't enter on the K-1 use either the cap gain wks or the 1099-b wks. entering on k-1 and one of these worksheets will result in you reporting the same income twice.
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