Get your taxes done using TurboTax

@Mike9241 Thanks for the instructions you provided here last year.  They’ll help me as well.  I’m in the same situation.  If I may ask, could you clarify a couple of things?  I suspect the interview has changed for this year.  The blanks look like this:

MLP disposition section.JPG

 

By “cost is zero,” are you referring to the Partnership Basis box, since you’re supposed to end up with zero basis at the end of it all?  Or am I misunderstanding?  My sales schedule gives a final adjusted cost basis of $10,317 after applying the cumulative adjustments, so I don’t want to enter the wrong value somewhere.  

 

Here’s my sales schedule from the final K-1:

BPMP Sales Schedule Screenshot.png

My other question relates to QBI and passive activity loss carryovers from prior years.  What does Turbotax do with these, assuming I follow your approach outlined above?  My understanding is that they're already included in the "cumulative adjustments to basis" in column 5, right?  So I don't want to inadvertently double count them, but I also don't want to lose them.

 

Turbotax has a step where you enter these (carried over from last year’s return):

Report Carryovers - Regular Tax.JPG

Should I delete this information and just follow the procedure you’ve outlined?  Or do these still need to be applied?

 

Thanks again for all the help.