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Get your taxes done using TurboTax
The only mistake TT is known to make is around mishandling the Cap Gain/Loss info if the sale info is entered during the K-1 interview. If you've avoided that, TT will do everything correctly.
On the specific numbers, I don't want to try to interpret / math everything posted, since its too easy to make a mistake. Better if you recognize what is supposed to be happening, and then check it:
- In total, you put some cash into the investment, and got some cash out. You'll ultimately pay tax on exactly that profit: cash out - cash in = amount taxed.
- The amount of tax you'll pay varies, with different rates being applied to different amounts. That's why so many forms show up, and the numbers are spread all over the place. But if you add the different pieces (cap gain/loss, Form 4797, Sched E, any other items that showed up over the years) they should match that cash out - cash in figure.
- If you're finding it difficult to find all the places the K-1 is touching your return, a good workaround is to start a blank return, enter only the K-1, and see what it does to your return.
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!