@jigo Its definitely worth contacting Fidelity to ask why they're reporting the cost, given that they don't have access to the K-1 and therefore can't calculate it properly. And since they don't have the K-1, it really doesn't matter if they report using average cost or not: it will still be wrong.
As for your taxes, you'll correct the cost in TT. Somewhere in the interview, you'll be able to choose a code stating that the broker reported the wrong cost.
By the way, one reason that the cost they're reporting is different than purchase price is that they may be reducing your cost basis to reflect the distributions you've received. That's just one piece of the overall adjustments made to basis, but it is the one thing they actually know about so that may be the difference you're seeing.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
