Yes, choose "Complete Disposition" so you can report any gain or loss from the dissolution.
- Under "Tell us about your sale," choose "Sold Partnership Interest," as you want to report a zero sales price later.
- On the page "Enter Sale Dates" (which is misleading), enter the date you first invested in the LLC and the date it dissolved. This information is used to determine if any gain is long-term or short-term.
- On the page "Enter Sale Information," enter zero for the Sale Price.
- Be sure to enter your Partnership Basis from your own records. This can be the same as what is shown on Schedule K-1, but often it is not. If you need help determining your basis, consider using TurboTax Live to talk to a tax expert.
- The next page will display the Gain or Loss from this transaction.
- Continue through the interview until you're back on the K-1 Summary page.
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