ChristinaS
Expert Alumni

Business & farm

You want to notate the sale of the MLP in the K1 section, but you will report the real numbers in the 1099-B section of the program.

You may have suspended Passive Activity Losses, and these are "released" in the year of disposition. If you don't enter indicate that you disposed of the partnership interest within the K1 entry, you may lose out on suspended losses. That being said, put $0s for the sales price and cost in the K1 portion of Turbo Tax, as the real info should be reported in the (publicly-traded) stocks, bonds section via the 1099-B.

In the 1099-B section under Wages and Income, Stocks, Bonds and Mutual Funds, you will put the data from the 6 sales. Did you sell them all on the same day and purchase all of your units at least 1 year before the sale date? If so, you can likely combine as "Various" purchase date and 1 sales date?

How are the sales reported on the 1099-B? 6 line items? Or is it more succinct and less confusing? Do you know your basis for the entire interest as a whole?