@nexchap is the MVP! I've read thru all the 18 pages, and now have a much clearer picture of what I've gotten myself into with my MLPs.
I do have a question. Last year I've purchased some preferred stock from ET and received some distributions that they coded as guaranteed payments for capital on line 4b. Looks like these are fully taxable unlike normal distros ET and its subs put out. I did sell about 1/3 of my position late 2020, but K-1 itself does not have any sales schedule info. taxpackagesuppport, however, has a drop-down that does show ordinary gain total, but nothing else. I did go ahead and follow your advice in the OP and included that total as an ordinary gain on the K-1 interview (+ord gain, -partnership basis), and adjusted my capital gains on 1099-B via increase in basis there. Should I contact them to make sure there was no other basis adjustment?
Box L included my contributed capital, then added the above line 4b amount, and subtracted the distributions/withdrawals, but it appeared they've counted the distributions I've received as a positive amount on the distro/withdrawal line, so it appears it counts as both income and position on distro line (my basis would've been up significantly if not for my sale). Does that make sense?
P.S. Not sure if against the community rules, but I'd love to offer up a tip for all the great advice you've been providing to people on here. PM me with your paypal details or something, and I'll send over some beer money 🙂
