I need advice from someone who knows K1's well.
I am using Home & Business download software (NOT LIVE).
I have used it for many years and have recorded all my MLP's including dispositions on the Q&A section of TT.
This year I found a big contradiction on the instructions between the TT Q&A software and IRS Form K1 Partnership Additional Information for Box 20, Code L and Sale of Partnership Interest.
There are 2 Parts on the form:
Part I - ok
Part II - Disposition of Partnership Interest - there are 12 inputs / questions.
Under Input 4 is the following:
NOTE: If this is a full or partial disposition of a publicly traded partnership (PTP) or master limited partnership (MLP) that was reported to you on a Form 1099-B, enter a sales price of zero on line 5 and a basis of zero on line 7 below. Enter the 1099-B transaction on Schedule D, checking the appropriate "Reported on 1099-B" box A or B. See Help
To me this is asking me to contradict and zero our the the Sale, Basis reajustment from the MLP K1, and capital gains and ordinary gains input into the TT software and replace it all with just the 1099 schedule B brokerage download. These details show historical basi per original purchase price.
If I am reading this correctly then Turbo Tax sofware is incorrect anad has been for many years.
There is no support from TT on the downloaded sofware anymore, so it would be great if someone could help me with this.
Best
Mike
