This current help string has reached 31 pages which explore multiple scenarios going back to 2019.
I am facing the situation as a long-time TurboTax user but as a "newbie" for reporting the sale of publicly traded MLP units during the 2022 tax year.
My question is whether the reporting of a sale of MLP shares in TurboTax really that difficult in most cases? Should I bail on using TT next year and hire a CPA for the first time in 20+ years?
My situation seems relatively simple:
All units purchased at one time in 2014, and sold as one sale in 2022
I usually use the downloaded (desktop) version of TT in the Mac Deluxe version. Does this version adequately cover MLP sales, or would I be better off upgrading to the Premier version?
What information beyond the purchase price and sale price will I need to enter the sale: Distributions? Business income losses from previous K-1's? Carryover losses? etc? Does the final K-1 and/or brokerage 1099 usually include most or all of the required information?
The only thing that may be a confounding issue is that the units were originally purchased by my wife several years prior to our marriage and the K-1 info for those years is on her personal tax returns, while only the last 3 years are on our joint returns. I mention this because I don't know if carryover cumulative business income losses are part of the tax calculation?
Thanks in advance for your input. I'd really like to stick to using TurboTax and doing my own tax returns.
