Sold shares in MLPs. Assume this is 'sold partnership interest. Where do I find selling expense, partnership basis, ordinary gain and 1250 gain on K-1 form 1065?

[Anonymous]

During interview I checked 'disposed of a portion of my interest in partnership', which I assumed selling shares in a publicly traded MLP would be doing.  I am then asked for purchase date with only one field provided (shares were purchased on multiple dates with reinvested dividends adding still more) and for the info indicated in my question for both regular gain or loss and AMT gain or loss.  Don't know what to enter here.

[CathiM]

Are you using TurboTax Free Edition? I just need to find the screens where you are entering data.

[maglib]

You need TT Premier. I also suggest you download it and don't use the online version as the downloaded version allows you to review data more readily plus you get to do up to 5 returns.  You will need the K-1 section to enter the data.  You will need the history of the MLP's k-1's to calculate the appropriate numbers or possibly they have an online site to help you. You will need to wait till you recieve the k-1 to complete this section.

[Anonymous]

I am using TT Premier - software edition from 2014.

[Anonymous]

I have the K-1.  Looking at it.  Just don't know how to answer these questions.  Note - this particular MLP has since filed bankruptcy and returned reorganized under a different ticker.  I have about 6 pages in K-1 but just don't understand the questions TT is asking.  It almost seems like I need to be an accountant in order to figure out the question and the answer.

[maglib]

you will have to research how to calculate the basis and if you were subject to AMT rules from prior returns.  Can you enter various to purchase date? You will want to seperate LT vs. ST out as 2 lots.  Does your broker have purchase dates?

[Anonymous]

I have purchase dates.  Issue is that the interview process provides only one slot.  Indicates 'Sales Dates' and provides a single purchase date and a single sale date slot.

[ScruffyCurmudgeon]

On the Schedule K-1(1065), although it would appear that each entry line for input for Schedule K-1(1065) data is a single line, in fact by right clicking any entry line, you will get a pop-up box allowing a multi-line entry form entitled "Supporting Data."  As you enter data on each line of this supplemental form, the sub-total is updated.  If you reach near the bottom of the pop-up, as you view it, more empty lines will be added.

SEE Illustration bottom left of this box