Help! We received a Final K-1 (Form 1065) from a PTP and we are confused on how to properly report this in TT.
The units (shares) were sold at a profit in 2022 and are being reported on 1099-B so we don't want to have it counted twice. We have looked through the other posts about this and are still confused.
So far, we checked that it is a PTP and checked that the partnership ended in 2022.
Next, in "Describe Partnership Disposal", we are not clear on whether to check "No entry" or "Complete disposition" so we don't duplicate the information that is being reported on the 1099-B. However, we want to make sure that this Final K-1 is reported properly. In other posts, sometimes it is suggested to pick "No entry" while others say to pick "Complete disposition." Please clarify which to pick.
Can you please help us with the steps we need to take to report this properly in TT as it is not very explanatory.
Thank you very much!
