@Frank145
If you don't check the "at risk" box, TT will run you through an interview about your at-risk limits. It will also create and file Form 6198, tracking losses that were disallowed for future years. But its not a simple interview, and will expect you to know your way around the rules on basis and capital at risk.
I also am not sure if it will trigger "Distributions in Excess of Basis" income when your basis drops below 0 (I haven't gone through it personally, so you'd need to know if you owe those taxes and double-check to make sure they made it into your return).
With that said, TT will definitely not tell you how to adjust the Sales Schedule you got in your K-1. So you'd have to change the "cumulative adjustments" appropriately based on your own records.
Basically, TT does an amazing job of automating a number of complicated tax situations, but MLPs aren't one of them. The Forms you need are mostly there, but the automation to replace an expert isn't.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
