@Clueless_in_Taxland You get a K-1 from a partnership every year, and you have to enter that information into TT every year. There can be items on the K-1 that impact your taxes each year, and there will be other items that carry over to future years. If you haven't been entering the K-1s (based on your other posts it sounds like you haven't) you're going to have to amend prior returns. If taxpackagesupport and IR aren't helping, the IRS account mentioned earlier may help. Otherwise, I don't know how you'd track those old ones down.
On the partnership distributions specifically, which your brokerage is showing you, they aren't taxable as long as your basis is above 0. But if you own a partnership long enough, your basis will go below 0 and then the they become taxable. TT won't track your basis: you have to do that, and you'd also have to report the distributions at that time.
Aside from the distribution, there are other items on the K-1 (partnership income, interest and dividends, etc) that must be reported in the year it occurred. TT takes care of that when you complete the K-1 part of the interview.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
