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    distribution in excess of basis

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    distribution in excess of basis

    Paul Altmann

    distribution in excess of basis

    Submitted by on ‎02-17-2021 02:15 PM

    Get it on the 1120s K-1 and an import or entry field on 1040

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    1 Comment
    abctax55
    Level 15
    ‎02-17-2021 02:56 PM
    ‎02-17-2021 02:56 PM

    As what goes on the K-1 itself, THAT is dictated by the IRS.   Not sure why you think the software could do that for you.  AND, folks can have outside basis, so not all distributions in excess of basis ARE taxable.  Determining that is up to the tax professional.

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