K-1 Box 17 Code K (shows stmt)? There is a statement attached titled -"Shareholder's Disposition Report for all Assets with Section 179 Expense Taken)

Forum|Forum|3 years ago
March 31, 2023
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How do I calculate the amount that would go in Box 17 from the information on this statement? The report has several Colums - Description, Date Acquired, date sold, Gross sales Price, Cost or basis plus improvements, Depreciation or allowable, AMT depr', Amt of allowance or allowable, tax year sec 179 expense ded taken.

Turbo Tax did not calculate the dollar amount in box 17? Does anyone know the formula? Perhaps :

Gross sales price less cost basis? Would the dates 179 is taken effect the calculation? Not sure why Turbo Tax didn't just automatically calc this?

ThomasM125

Unless there is a code letter with an amount listed next to it, it is not possible for Intuit to know how to process the information listed in your box 17 on your K-1 schedule.

From what you describe, most likely your entry in box 17 refers to code "K" (dissolution of property with section 179) or code "L" (recapture of section 179 depreciation). If you enter "K" and an amount, later on you will be asked to enter the sales proceeds, cost, date acquired - the information you mention. If you see an amount for section 179 recapture you can enter that for code "L".

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tkpropertiesAuthor

As I explained, Box 17 on the K1 shows "STMT", and has a statement attached. The statement lists two Items we sold during 2022. Both Items when purchased used Section 179 deductions. The statement shows date purchased, and date sold. It shows Gross sales price, Cost or basis, amount of sec 179 deduction taken, tax years sold and purchased. .. With all this information shown on the form, I would think Turbo tax would calculate Box 17? But since it doesn't, but provides the statement, I assume I am supposed to calculate the amount using the statement information? I'm sure the there will be an adjusted gain/loss to report in Box 17, or somewhere else?

You replied "If you enter "K" and an amount, later on you will be asked to enter the sales proceeds, cost, date acquired - the information you mention." But Box 17 does not show an amount, only "STMT". Can I expect there will be a place to input the information from the statement somewhere else in Turbo Tax?

AliciaP1

As you progress through the interview questions to enter the K-1 in TurboTax, you will be prompted to checkmark all the boxes that have info on your K-1. Then TurboTax goes through the boxes you checked in order and provides space to choose the code and enter the amount showing on your K-1. If the box says *STMT* on the K-1 leave the box in TurboTax blank. The next screens will ask for information about your Box 17 code K information provided to you on the statement accompanying your K-1 and walks you through each amount to enter.

@tkproperties

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