There are many issues here and this is a difficult area to respond to on a forum such as this. I will provide some commentary:
- Not sure why a partial year return was completed. The technical termination rules no longer apply and when they did, you needed to have a sale or exchange of 50% or more of the interest. Regardless, these rules no longer apply and a partial year return should not have been completed. This assumes the partnership return is for 2018.
- The gain could have put you in a higher tax bracket causing the capital gains tax rate to be higher. Take a look at the 1040 instructions page 40. Here you will find the capital gains tax rate worksheet and you can work through the tax to see if TT computation is correct.
- Also, depending on the type of assets held, some of your gain may need to be taxed as ordinary income. This will be applicable if the partnership held depreciable assets. These rules are known as "hot assets" rules and will convert capital gain into ordinary income.
- Depending on the $$ involved, you may want to meet with a tax professional.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
