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Level 3
posted Sep 24, 2022 4:25:19 PM

Section 1202 QSBS

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

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1 Best answer
Level 15
Sep 24, 2022 5:59:30 PM

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)

2 Replies
Level 15
Sep 24, 2022 5:59:30 PM

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)

Level 3
Sep 25, 2022 6:01:23 AM

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.