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January 31, 2025
Question

were to put data from a K1/form 1065

  • January 31, 2025
  • 2 replies
  • 0 views

received from K1/1065 from the company i retired from.

received stock that is now fully vested, and received cash payment for it in 2024

the only entries on the form are:

X limited partner or other LLC member

X domestic partner

I1 individual

J profit beginning, a %

J loss beginning, a %

 

L other increase $$$$

L withdrawals and distributions $$$$  (equal to above)

 

M is No

 

Final K1 is X

 

19 is A, with $$$$ (equal to L)

 

additional page Item L

plus: other increases to partners capital

other capital adjustments $$$$

 

withdrawals and distributions:

Cash distribution  $$$$

 

total withdrawals and distributions $$$$

 

question, where do i put this information, tax forms and lines, would be helpful to completing my turbotax forms

ty

    2 replies

    DoninGA
    Employee
    January 31, 2025

    Online editions -

    To enter a Schedule K-1

    Click on Federal
    Click on Wages & Income
    Scroll down to S-corps, Partnerships, and Trusts
    On Schedule K-1, Q, click on the start or revisit button


    Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

     

    Desktop editions -

    To enter a Schedule K-1

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
    On Schedule K-1, Q, click on the start or update button


    Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

    January 31, 2025

    if you arr using an online version of TurboTax you need at least the premier version to enter a k-1

    but perhaps you don't need to enter the k-1 at all

     

    X limited partner or other LLC member  yes

    X domestic partner                                     yes                                   

    I1 individual                                       automatic in Turbotax 

    J profit beginning, a %                             no

    J loss beginning, a %                        no

                                      schedule L can be skipped in its entirety

    L other increase $$$$

    L withdrawals and distributions $$$$ (equal to above)

     

    M is No                                   no

    Final K1 is X                            yes

     

    19 is A, with $$$$ (equal to L)                            NO

     

    additional page Item L

    plus: other increases to partners capital

    other capital adjustments $$$$                        

     

    withdrawals and distributions:

    Cash distribution $$$$

     

    total withdrawals and distributions $$$$

     

     

    what we don't know is what the "other increases"  were for and whether they have any tax significance

     

    in part III of the k-1 it seems all lines 1 through 18 are blank and thus nothing to report for tax purposes.

     

    did you receive a k-1 in prior years? if not beginning capital (supposed to be your tax basis)  in schedule L would be zero.  Therefore, the cash distribution would be taxable to the extent you did not have tax basis.  Did you get any sort of supplemental schedule to aid in tax preparation?  you need to contact the partnership to get clarification. we have no access to the k-1 or your tax return