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How to Back out Section 1202 gain that is included in line 9a of Partnership K-1

Gromm Tax
Level 1

How to Back out Section 1202 gain that is included in line 9a of Partnership K-1. The taxpayer qualifies for a 100% Section 1202 exclusion. Is the only workaround to enter it directly onto Form 1099-B in the program.

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3 Comments 3
Terry53029
Level 14
Level 14

1202 gain should be reported on box 11 code I

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Gromm Tax
Level 1

Ok. Thanks. But then how and where in the program do I enter the Sec 1202 100% exclusion?

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Terry53029
Level 14
Level 14

1099B worksheet, and after you fill out info on sale (date of sale, date acquired ETC. double click in any box, then fill out section 3 in window that pops up

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