I know there are a lot of questions around K-1's for MLPs. So here's another one.
I sold an MLP in 2021. It's reported on my 1099-B. I know that the cost basis is wrong and I need to adjust it per the K-1 package. Fine.
1. TT autogenerated another 8949 for the sale marking it as a transaction NOT reported on a 1099-B. It obviously is reported there. How do I get rid of this 8949? Deleting it does not work? I can't change the designation of F(not reported on1099B) to E(reported on 1099B w/o cost basis).
2. The TT Partner's Share of Income Credits etc (K-1) Section C shows this as a non-passive loss for Schedule E. But as an investment for me it is a passive loss. Is Section C right (e.g. it's non-passive)?
3. The K-1 package tells me to enter a number in Form 4797 Part II line 10 but no entry to that line/form is allowed by TT. Where does that value get pulled from in TT?
4. I am also instructed to enter a value on Form 6251 line 2k but likewise I can't enter any info there. Where does that come from?
5. The MLP K-1 has the box checked in Part III line 16 (schedule K-3 attached if checked). TT is marking that an an error, because I have no K-3?? There is no K-3 on TT Premier. I find the K-3 on the IRS site but I have no idea what to do with that and the K-1 package is silent on this (other than the box being checked). Should I leave it checked or uncheck it?
Using Form View (not Easy Step. Thanks to experts for their help!
