I received final K-1 form from partnership, LLC that I own with my wife 50% each. the K-1 marked as Final K-1.
and the partnership received 1099-S.
My question is about how to enter the K-1 in my personal tax return.
I selected the K-1 in TT premier, selected general partner, this partnership ended in 2023, complete disposition, sold partnership interest. Next, I entered purchase and sale date. At this time, I was asked to enter sale information and see a review, see attached.
Next I selected to enter in Line 9c, 10. In my case I entered for line 9c $28,200, and line 10 $62,429
I entered the same numbers for my wife from her K-1
Once I was done, I reviewed Schedule D and Schedule 1 and found of income of $124,856 was duplicated on Schedule 1 and Schedule D.
I don't understand the reason for that. It might be that I should not have selected "this partnership ended in 2023" since the gain is listed on K-1, line 9c and line 10.
Thanks
