I switched from TaxCut to TurboTax because TurboTax is able to handle a 1065 k-1. I have several MLPs I intend to hold for years. I know distributions don't count as income, but rather are return of capital and are to be used to reduce my basis in each stock. Once my basis drops below zero, any further distributions will be counted as capital gains. Does TurboTax take care of all this, or do I have to know when my basis drops below zero? If I have to do it, will TurboTax guide me on how to enter the capital gains? I sold 2 MLPs in 2022. My broker showed normal capital gains between my original basis and my sale price, but when I put my K-1 for the year into TurboTax the program didn't even ask if I had sold the stock. It is beginning to look like I will have to stop doing my own taxes and start paying a tax professional.
