Get your taxes done using TurboTax

No, TurboTax will not track your basis in the MLPs.  Therefore, you will have to separately track that basis as it changes in connection with various distributions. Yes, TurboTax will guide you as you enter your gains from your MLPs, but the gains are entered in one section of TurboTax and your Schedule K-1 information is entered in another.  For example, if you were using TurboTax CD/download, you would follow these steps when entering your MLP gains and to adjust your cost basis:

1. After opening the application, select the Personal tab.
2. Select the Personal Income tab.
3. On the next screen you will see the option to Walk me through everything, and the option to I'll choose what to work on.  Select the latter.
4. Scroll down the screen to Investment Income and select Stocks, Mutual Funds, Bonds, Other.  
5. On the next several screens, you will be prompted to enter some basic information about your brokerage account including the option to upload your 1099-B. 
6. After entering the preliminary information, continue through the application until you reach the screen, Select any less common adjustments that apply.  
7. One of the options on the above screen is The cost basis on my statement is incorrect.  Select this option and you will see a field where you can enter the corrected cost basis. 

If you are using TurboTax online, the process to enter your MLP gains begins with selecting Wages & Income (left margin).  Then, follow these steps: 

1. On Your Income and expenses screen scroll down to Investment and Savings.
2. Click on the drop-down arrow if necessary to reveal more options.
3. Click Start/Revisit across from Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
4. Thereafter, you can enter your information.  You will see a field for Cost or other basis, and you can enter your original cost basis.
5. Continue through the application, and you should see the screen, Adjust your cost basis to ensure your best outcome.  It is here where you can select the option, I found my adjusted cost basis, and then enter your adjusted cost basis in the appropriate field.