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I'm about to give up entering MLP sale data

I really admire the people on this forum that can figure out how to enter the data in the correct place is when they sell an MLP. I sold three MLPs in 2023 and I am at wit's end trying to enter the information on TurboTax Online. (Actually, entering the information is not the problem... it's just that I can't figure out how to verify that the information I input is correct). Can anyone recommend a website that can walk me through this step by step (something easy to follow)?  As every day and many hours go by I'm thinking it might be best to give this portion of my return to a professional to do for me because I'm just getting too frustrated. Are the paid services on the TurboTax website worth it, and or are there outside firms that can do this work for me? Thank you for any advice.

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I'm about to give up entering MLP sale data

Unfortunately, TT has not automated the process of handling K-1s in the same way they've automated W-2s, or 1099s.  That's largely because K-1s come in a thousand different varieties, and the tax issues are far more complex.  So if you're investing in partnerships you've either got to hire tax advice, or invest the time to figure out what your tax forms should look like once you've entered the K-1 information correctly.

 

As an example, the K-1 sales schedule gives you everything you need to figure out what your Cap Gain/Loss should be, and what amount should appear on Form 4797.  So if you know that, verifying your inputs gets a lot easier:  you just look at the Forms and verify the correct amounts.

 

The biggest issue most have on the forum is the TT bug that double-reports Cap Gains.  That's what requires the workarounds during the K-1 interview to avoid creating any duplicate 8949s.

 

If you choose to hire someone, virtually any CPA will be able to work through this.

 

[Edit to add]:  One way to easily see how a K-1 shows up on your return is to start a new one, enter nothing but the K-1, and then review the forms.  If there are numbers that don't make sense, posting to the forum to ask about them usually gets quick results.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
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