1099-B & Schedule K1 -- Calculating Regular and AMT Gain or Loss

Forum|Forum|1 year ago
September 21, 2024
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Hi there,

Can someone please help me out in filling the Schedule K1? I bought this partnership several years ago and sold it all in 2023.

Here's the relevant section of 1099-B that I imported from my brokerage into TT -

And here's the K-1 Sales Schedule issued by the Partnership -

Based on the information, I filled out the K-1 interview on TT as per below -

And this is the final screen -

Can someone please confirm if I'm doing this correctly? Do I need to go back and delete the original entries from 1099-B so it doesn't double report the gains/losses?

TurboTax Premier Online

Best answer by Mike9241

not correct

the ordinary income portion is omnly reported through the k-1 sales schedule

the capital gain portion is only reported on form 8949. using the k-1 sales section for this will result in a notice from the iRS for underreporting proceeds instead of codes B&E as on the 1099-B the 8949 will reflect code X

so for the sales section the sales price should only be the 396 for regular tax amd tax basis 0

for amt column tax basis should be 73 to get a -73 to flow to 2k of form 6251 (ordinary gain should compute to 323

column 3	column 6	column 7	column 8	column 9	ltcg	ltcg	stcg
701.95
2807.81
50.17

3559.93	2261	1298.93	396	902.93	0.99	893.9	9.03
cost basis			2261
total cost basis			2657
scheduke d /8949 reporting
sales price		shares	%		gain allocated		cost by difference'
701.95	lt	15	20%		178.78		523.17
2807.81	lt	60	80%		715.12		2092.69
3509.76		75			893.9		2615.86
50.17	st				9.03		41.14
3559.93					902.93		2657

Anonymous_

Employee

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Mike9241Answer

not correct

the ordinary income portion is omnly reported through the k-1 sales schedule

so for the sales section the sales price should only be the 396 for regular tax amd tax basis 0

for amt column tax basis should be 73 to get a -73 to flow to 2k of form 6251 (ordinary gain should compute to 323

column 3	column 6	column 7	column 8	column 9	ltcg	ltcg	stcg
701.95
2807.81
50.17

3559.93	2261	1298.93	396	902.93	0.99	893.9	9.03
cost basis			2261
total cost basis			2657
scheduke d /8949 reporting
sales price		shares	%		gain allocated		cost by difference'
701.95	lt	15	20%		178.78		523.17
2807.81	lt	60	80%		715.12		2092.69
3509.76		75			893.9		2615.86
50.17	st				9.03		41.14
3559.93					902.93		2657