I'll simplify with round numbers. I bought AGQ stock in June 2020 for $6000 and sold it 2 months later for $13000. The transaction appears on my brokerage 1099 and results in 26% federal tax and 10% Minnesota tax which sounds reasonable. Then I receive a K-1 for the stock,enter the data into TT, and the resulting tax essentially doubles so that I owe federal tax of 51% and MN tax of 20%, for a grand total of 70% tax. Can this possibly be correct or does it seem like I screwed up entering data?
