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denndy51
April 8, 2022
Question

Capital Gains

  • April 8, 2022
  • 1 reply
  • 0 views

It appears that the capital gains listed on a K-1 in Part III Lines 8 and 9a are showing up on Form 1040, line 7.  Is this correct?  Isn't that "double counting" the gain?

    1 reply

    LudwigVan_fan
    LudwigVan_fan
    Employee
    April 8, 2022

    No, it is not doubling up.  Sch K-1 is an information return.  It provides information about the gains/losses from a pass-through entity.  It provides where income/losses etc., should be reported on F1040

     

    Line 7 of the F1040 is the summary of all the S & L term capital gains/losses and goes into computing AGI/Taxable income.

     

    Sch D and supporting schedules provides details and if there are LTCGs, then the tax is computed using tax on ordinary income + tax on LTCG.

    **Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
    D
    denndy51Author
    April 11, 2022

    I'm still a little uncomfortable because I can't make all my capital gains numbers exactly add up, but after further review, this does seem correct.

    D
    DianeW777
    April 11, 2022

    If you see the numbers carry from your K-1 entry, to the appropriate lines of the return you should be confident to file your tax return. 

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