Section 1202 QSBS

2 replies
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section 1202 QSBS on K-1, how to deduct shown on line 10 as "I" as income but notes state QSBS and to deduct from cap gains. How on turbo tax after entering K-1 data

TurboTax Online

Anonymous_Answer

Level 15

There is no such code.

I suspect you will have to enter this as Code H and then use Forms Mode (which is not available in the online versions of TurboTax).

You might want to contact Support on Monday.

What is the TurboTax phone number? (intuit.com)

Anonymous_Answer

Level 15

There is no such code.

I suspect you will have to enter this as Code H and then use Forms Mode (which is not available in the online versions of TurboTax).

You might want to contact Support on Monday.

What is the TurboTax phone number? (intuit.com)

SeltzerAuthor

Level 3

There is section 1202...For you to learn Section 1202 allows a taxpayer (other than a corporation) to exclude 50 percent of certain gain from the sale of qualified small business stock held for more than 5 years.