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TURBOTAX
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Re: Ordinary Gain K1If I import my 1099 into TT, and adjust my cost basis... Then when inputting K1 info, I should leave blank any Sales info, including Ordinary Gain. (Because if I enter gain here and again on my 1099, then I'm paying taxes on the gain twice.) ========================================= Absolutely, positively incorrect. Ordinary gain should wind up on Form 4797 which goes to Form 1040 Line 14. if that's blank, you've done it incorrectly. It is totally separate from Cap Gain reporting |
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