Final K-1 needs a check box to indicate that sale already reported elsewhere.

Related products:ProSeries

Forum|Forum|5 years ago
August 11, 2020
3 replies
10 views

On a final K-1 have a check box that you have already reported the sale of schedule D or elsewhere so you don’t have to create entries there. That wastes time.

Time Savings

This topic has been closed for replies.

Accountant-Man

Level 13

What sale is reported elsewhere? The entity? Where is it reported?

If the s/h or partner sells her interest in the entity, it is not reported on the K-1 Sch D; it is reported on the 1040 Sch D.

Or am I missing something?

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C

cbaxterAuthor

Level 3

If you indicate that a K-1 is final, it asks for sales information, date acquired, date sold, sales price, basis. 99% of the time, this information is already entered elsewhere. Rather than have to enter dates and zeros for sales price & basis, I would like to have a block to check to indicate that the sale has been reported elsewhere so I don't have to go through this useless exercise.

A

Anonymous

Thanks for the idea. We are changing the status to "Open for voting" since it is no longer considered "New". If you have any questions on the life cycle of an idea, check out our Idea Getting Started Guide for more information.

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