Business & farm

I use desktop which does not have the wizard.

 

it's been reported by the broker. what's wrong is that the cost basis is wrong. it needs to be adjusted based on the calculation from supplemental sales schedule you got from EPD - only the capital gain - sales price and adjusted basis gets reported on the 8949. if held long-term the code should be E sales proceeds but not cost reported to IRS or Code B if a short term sale. the 8949/schedule D reporting is completely separate from the ordinary income reporting. if you report the sale through the k-1 sales schedule you will in fact being reporting twice if you entered the broker's report either through direct entry or import 

 

only the ordinary income portion gets reported through the k-1 sales schedule and only there

 

 

to get back click on the wages and income tab

scroll down to business items and select "update"  for the line that says schedules k-1

click tes when it asks about schedules k-1/Q

on the line that says partnerships select update

you'll be asked questions about 2022 k-1 for EPD select yes

select work on it now

select yes for review info

continue on 

mark complete disposition and continue

mark sold partnership interest and continue

enter dates and continue

you are now on the sale info page

this is where the ordinary income and only the ordinary income gets entered

sales price = ordinary income 

basis  = 0

ordinary gain same as sales price

your done with entering ordinary income

 

for capital gain

again select wages and income tab

i choose what to work on

scroll down to investment income

on the line that says stocks etc select update

continue no need to update

select the broker and then edit

continue on

find the listing for EPD and select edit

on 1e change the cost or basis to what was calculated in the sales schedule

for sale category select the letter that matches the section the broker used most likely B or E

your done