Skip to main content
April 9, 2025
Question

information of my federal k1(1020-s)

  • April 9, 2025
  • 1 reply
  • 0 views

the information in box 1 is -8304

The information in box 8a net long term capital gain is 14,557

When I put it all in, it gives me a gain of 14,557.

Would not the gain be offset by the loss so it would be a gain of 7011.

 

On the state k-1 which is Ohio, it already does that so it says the total taxable income is 7011

but my federal does not do that.

1 reply

April 9, 2025

No, the 1120S is passthrough income so you report the income on your 1040 the long term capital gain is on your Schedule D Line 12.  The negative income is reported on your Schedule E and there are loss limitations.