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Financial Planning / Tax Strategies


Subject:  Re: Schedule K-1 and Form 1065 options Date:  6/10/2012  1:08 PM
Author:  irasmilo Number:  116246 of 127753

I am still working on my taxes (before the overseas extension deadline comes) and have received several K-1's from partnerships.

I am using Taxslayer to file my taxes and it give me the option to carry over gains/losses to a Schedule D or Form 4797. I ran the software with both options and the refund amount was the same.

What are other impacts of choosing the Schedule D or the Form 4797?

The impact is whether you prepare your return correcrly or you do not. You don't have a choice as to where the gains/losses are carried, there is only one correct answer for each situation. The information you need should have been provided to you in the K-1 packet you received.

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