Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Mar 24, 2021 10:58:51 AM

Schedule K-1 (Form 1065) Entries

I redeemed a portion of my shares in an LLC in 2020 but the box in Part II Section J is not checked. On the screen entitled Describe the Partnership, do I need to check the box got Disposed of a portion of my interest in partnership during 2020?

0 2 1578
2 Replies
Level 15
Mar 24, 2021 12:10:36 PM

The box "Check if decrease is due to sale or exchange of partnership interest" will be checked if you sold or exchanged all or part of your partnership interest to a new or pre-existing partner during this tax year, regardless of whether you recognized gain or loss on the transaction(s). You may have realized a gain or loss on the transfer or disposition of your interest. See codes AB, AC, and AD on line 20 for items that have special gain or loss treatment.

 

 

Returning Member
Mar 24, 2021 12:35:12 PM

Thank you that is helpful. I do not have the AB, AC or AD codes listed on line 20.