Schedule K-1 with collectible capital gain

Forum|Forum|3 years ago
March 22, 2023
2 replies
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Hey community,

I have a K-1 from a Partnership that is reporting a capital gain (collectibles) from a sale. I've input everything and I'm not seeing the income flow onto my 1040 or onto Sch D. I have boxes 11 (A), 13 (W), 16 (there is a K-3), 19 (A) and 20 (A) checked. It SHOULD be super simple in that I invested X, it grew to Y, there are Z expenses and the net capital gain =Y-Z-X. My entire investment has been paid out in cash based on that formula. It is possible the expenses (Z) are not deductible but they are also a fairly small amount, in that case the capital gain should show as just Y-X. In any case, any ideas as to what I am inputting wrong because I see zero capital gain on my return from this K-1.

Thanks!!

Best answer by DianeW777

You can enter the sale separately from the K1. Absolutely you can use your expenses to reduce your gain and using the steps below will populate your sale on Schedule D and Form 1040, Line 7..

In TurboTax Online or TurboTax CD/Download use the following steps.

Once you are in the tax return select Wages and Income > Scroll to Investment Income
Select Stocks, Bonds, Mutual Funds, Other > Add more sales (you may need to delete your original entry)
Select Other as the sales type > Continue > Enter the Description > Continue
1. For the download version enter your sales information > Continue > Select the checkbox next to Proceeds from collectibles
2. For the online version in the top dropdown selection choose
Continue to enter your sale

DianeW777Answer

You can enter the sale separately from the K1. Absolutely you can use your expenses to reduce your gain and using the steps below will populate your sale on Schedule D and Form 1040, Line 7..

In TurboTax Online or TurboTax CD/Download use the following steps.

Once you are in the tax return select Wages and Income > Scroll to Investment Income
Select Stocks, Bonds, Mutual Funds, Other > Add more sales (you may need to delete your original entry)
Select Other as the sales type > Continue > Enter the Description > Continue
1. For the download version enter your sales information > Continue > Select the checkbox next to Proceeds from collectibles
2. For the online version in the top dropdown selection choose
Continue to enter your sale