Thanks to everyone for this thread and specially @nexchap
I'd like to make sure I'm doing everything correctly so appreciate any help.Some background.
For the Stocks section of our taxes we do a Summary for Each Category (we do not import). We use another software (due to large number of transactions and to correctly calculate wash sales) to generate our 8949 and then attach the pdf file to our return.
We received a K-1 because we bought ETF (exchange traded funds) shares (PTP) on the stock market, we actually didn't know it was a Partnership. All shares were bought and sold last year so the Year End Shares are 0.
This is a Final K-1
Box 11 (code C) is a negative number. All other box are either empty or zero(boxes 5, 8, 20 and13)
And I have no Ordinary Income anywhere on the Schedule.
Since the sales are already being included in the 8949 and Summary, this is what I've done so far in the interview for K1:
Describe the Partnership ( I've checked) : This is a Publicly Traded company and This Partnership Ended in 2021
Describe Partnership Disposal (I've Checked): No Entry
The reason I've chosen No Entry is that if I've been told if I check Complete Disposition then TT will ask me for sales info and since the info is already included in my Summary For Each Category and the details are on my 8949 the Complete Disposition option would create duplicate problems (like another 8949). I'm aware that I have to adjust the cost basis for the 8949.
The next screens in the interview asks me about how much of the investment is At Risk. Since everything
has been sold it's 0.
So finally I end up at a Screen that says Deductible Loss may be zero (I don't why not 'definitely' and just maybe) and I have a non-deductible loss (=the amount in box 11) that will carry over for next year.
So basically what I think I'm doing is that the details of the sales have been reported on 8949, the cost basis has been adjusted so that the loss will not be included this year and the K-1 shows that there is a loss that will be carried over to next year.
Is this all and good with the IRS?
