I sold partnership shares I bought through TradeKing. I received sale info on the K-1s and the 1099, and when I entered them both TurboTax reported the sales twice. Help?

[katiekins22]

I'm inclined to just not report the sales when I enter the K-1s, since the sales are already in there on the 1099, but I don't want to get in trouble for not entering information I should have.

[MargaretL · Accepted solution]

To avoid duplicate entry, but to ensure matching purposes with the IRS, report the sale as 1099-B (in the investment section) and not on Schedule K-1 data entry.  While going through the K-1 data entry, enter "0" (zero) for both, cost basis and proceeds; you may enter acquired/sold dates. Then visit investment section and enter the sale reported on Form 1099-B. What matters here is that the sale is reported correctly, but only once. Reporting 1099-B will be more efficient for matching purposes with the IRS. 

1. Federal Taxes
2. Wages & Income
3. Scroll down to Investment Income                                       
4. Select Stocks, Mutual Funds, Bonds, Other