Hi, first of all I'm new here. My tax filing previous years were pretty simple, but last year I invested in one LP company (using a broker, e-trade) and now I'm trying to learn how to report a K-1form 1065 using the TT online version, but it is not easy at all (and my situation is for only one "asset/partnership shares" I invested).
I read many threads already, some helped me understand some of my questions, but I still couldn't find clear answers.
So, FIRST question, the LP company I invested provided me one file to be imported to TT Premier software, but I see many people reporting that it can be done with the online version. Should I look to buy the software? If I buy it I will still have to pay for the filing itself, or not?
But, my actual question is about filling the information in the "TT wizard interview". The report I received from e-trade (1099-B) brings only the sale of my "asset/partnership shares" (an LP which I made 9 purchases and 3 sales, partially disposed my "shares" in 2019), so it shows as if I had only profit on this investment (which was actually the opposite) and I don't know how to proceed now.
- Option 1: I tried to fill in the information from the 1099-B form, providing the "cost basis" I see in my K-1 form 1065, but I really don't know if this is correct, and most importantly, the 3 items (sales) continues to show as "Need Review" in TT. Is this approach correct, if I find a way to remove the "Need Review"? And how to solve that?
- Option 2: I think the correct option would be to "delete" the "Need Review" entries in the 1099-B form from e-trade (there are 3, related to the 3 sales I made) and focus completely on reporting the K-1 form 1065, which brings the problem of how to report multiple purchases and sales since the "wizard" provides only 1 date to be entered.
- Option 3: Other alternative would be to keep the items reported in the form 1099-B from e-trade and still provide the information for the K-1 provided. In that case I need to make sure that I'm not reporting the same thing twice. It doesn't seem right, but report the full K-1 is not straightforward at all.
So, the SECOND question would be how to provide the required information to TT even though the questions don't make sense (actually, they are missing a lot of information I have in the K-1 for 1065, like the purchase/sale dates)?
I wonder if I should just find a tax accountant, give all the documents (there aren't many), pay it and he will do all the work (easy for me)? Just TT has been always helpful, when possible. Or, I can pay for the "Live" support and, hopefully, they will give me ALL the answers I need?
Thanks a lot in advance!
Rodrigo
