I sold K1 securities (all units).
Sale is reported both on 1099 which got imported into Sch D and Sale is also reported on K1.
There are 3 issues here
Q1: It is final K1. I need to remove sale from one end which one is more preferable from K1 or 1099. If I do remove from 1099 then numbers will not match. How to remove K1 sale (I have to choose final K1 so there is Sale interview or just write Zero for buy and Sell within K1 interview?
Q2. Cost basis adjustment. 1099 only has Sale proceed correct but cost basis need to adjusted. How can I do that within 1099 sales ( I have lots of sales)? Can it be done within interview mode or I have to dig out within forms mode?
Q3. How do Turbo Tax sort out Sales within 1099? By alphabetic security name or by Sale date?
Q4: This issue is complicated one.
Lets say I bought a K1 security for $5000 (box 4 of sales data) and Final K1 is showing cumulative adjustment to basis as ( - $7000 , box 6 of sales data ) and
Gain subject to Recapture as ordinary income $6000 (box 7) how would I report this ordinary income and from where this income come from?
