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Business & farm
@fsab -- Don't enter the sales proceeds into the K-1 interview.
Here's a long thread on how to correctly enter the info into TT: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...
There's lots of info and examples in the comments as well.
But as a starting point, here's the instructions that TT provides if you right-click the Sales Price box and pull up "About Part II, line 5":
"NOTE: If this is a disposition of a publicly traded partnership (PTP) or a master limited partnership (MLP) that was reported on a Form 1099-B, enter zero for both the sales price and the basis on lines 5 and 7 here and report the sale as normal on Schedule D, checking the appropriate "Reported on 1099-B" Box A or Box B. By reporting the sale of the PTP or MLP on Schedule D and entering zero as the sales price and basis on this K-1 Worksheet, the disposition will get processed correctly throughout the return."
Unfortunately, the above only works when handling a complete disposition that was entirely short or long term. For partial dispositions, or mixed long/short, you've got to go with the info on the thread above.
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!