Get your taxes done using TurboTax

@chiefs19 Easy piece first:  in your entry screen, the AMT column should be 1619 (2000-381) and -1619.  And then what you've done is correct, for that part.  You've told TT that you have 2000 in Ordinary Income to report.  It will flow to Form 4797, part II, line 10 just as the K-1 says it should (you can check this in Forms mode).

I'm going to try to walk through the mechanics below, but the key thing to keep in mind is that your overall MLP transaction gets broken into pieces that show up all over your return.  Over the years, you put cash in and you got cash out (quarterly payments, your final sale).  But you also got all sorts of other tax entries in the K-1 each year that raised and lowered your taxes, and which are all captured by col 5 (adjustments to basis, where your 'basis' is basically what you originally paid for the shares).

So the Ord Income is one part.  Another part is the Capital Gain/Loss.  That's defined as your [sales proceeds] - [your adjusted basis] - [your Ordinary Income].  That number is what needs to show on your 1099-B.  It will not be what your broker reported, because they don't see the K-1.  So some numbers as an example:

Sales Proceeds = 5000

Purchase  = 6500

Cum Adjustments to Basis = -2500

Ordinary Income = 2000

Then the numbers you'd want to see in TT on your 1099-B is 5000 for proceeds, and 5000 - (6500-2500) - 2000 = -1000 as your Capital Gain/Loss.

If you have questions about how to correctly enter this part, I'd suggest posting it as a separate question to the community, because I haven't gone through that part of the interview in detail yet so haven't seen what the latest quirks are yet.  But if you get -1000 as the net result, you've got it.

There's one final piece to all this.  When you went through the interview, you checked off "This Partnership Ended" and "Complete Disposition".  That triggered suspended losses from past years to show up on Sched E.

So your total tax impact for all this is going to be the combination of those 3:  The Ordinary Income, the Cap Gain/Loss, and the Losses on Sched E.  When you compare that number to the cash you put into the investment, less the cash you got back over the years, they should match.

As you have more questions, I'd encourage you to read through the thread again.  Stuff that didn't make sense before may make more sense now that you've been working through it a bit.