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Posted by Gary Brown on April 10, 2008, 1:12 pm
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Hi,
When entering K-1 data into TaxAct, where do you
enter the distributions (line 19)? Most entries don't list
the line number and none of the text descriptions match.
Is it possible to unlock the form? It would be easiest to
copy from the paper form. There are other fields giving
me trouble.
Thanks,
Gary
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Posted by removeps-groups@yahoo.com on April 11, 2008, 11:22 am
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> When entering K-1 data into TaxAct, where do you
> enter the distributions (line 19)? Most entries don't list
> the line number and none of the text descriptions match.
Line 19 is a return of your seed capital. Say you bought shares for
10k in 2007, and line 19 is $100, and you sell in 2008 for 12k. Is
your capital gain 12k-10k=2k? No, it is 12k-(10k-0.1k)=2.1k. Some
tax software lets you enter the values for line 19 (but TaxAct does
not), but it does not affect your 2007 tax return. You should keep
track of line 19 for each year, perhaps in a spreadsheet, database, or
such. I have not yet found software that does this, but am sure there
are some.
As for TaxAct, entering the K1 in their wizard and be difficult,
especially if you have the free version. They have an option to get a
form that looks just like the original K1, but I don't think it's in
the online versions.
> Is it possible to unlock the form? It would be easiest to
> copy from the paper form. There are other fields giving
> me trouble.
What other fields?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by John Beurket on April 11, 2008, 11:22 am
Please log in for more thread options Gary Brown wrote:
> Hi,
>
> When entering K-1 data into TaxAct, where do you
> enter the distributions (line 19)? Most entries don't list
> the line number and none of the text descriptions match.
>
> Is it possible to unlock the form? It would be easiest to
> copy from the paper form. There are other fields giving
> me trouble.
>
> Thanks,
> Gary
>
The short answer is that they don't enter into the computation of taxes
until you dispose of your interest in the enterprise. They are
subtracted from your basis, and thus will increase your capitol gains at
that time.
John Beurket
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Brian on April 11, 2008, 1:15 pm
Please log in for more thread options John Beurket wrote:
> Gary Brown wrote:
>> Hi,
>>
>> When entering K-1 data into TaxAct, where do you
>> enter the distributions (line 19)? Most entries don't list
>> the line number and none of the text descriptions match.
>
> The short answer is that they don't enter into the computation of taxes
> until you dispose of your interest in the enterprise. They are
> subtracted from your basis, and thus will increase your capitol gains at
> that time.
This is not true if he receives distributions in excess of basis. Then
there are tax consequences before disposition.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Todd on April 13, 2008, 7:03 pm
Please log in for more thread options
> John Beurket wrote:
>> Gary Brown wrote:
>>> Hi,
>>>
>>> When entering K-1 data into TaxAct, where do you
>>> enter the distributions (line 19)? Most entries don't list
>>> the line number and none of the text descriptions match.
>>
>> The short answer is that they don't enter into the computation of taxes
>> until you dispose of your interest in the enterprise. They are
>> subtracted from your basis, and thus will increase your capitol gains at
>> that time.
>
> This is not true if he receives distributions in excess of basis. Then
> there are tax consequences before disposition.
What basis would you use? Zero?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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