So in entering the K-1 section information for the partnership (also oil fund for me) it asks "Enter Sale Information" for "Sale Price", "Selling Expense", "Partnership Basis", "Ordinary Gain", "1250 Gain".
The numbers entered here affect my refund amount, as well as do the numbers entered in the 1099-B section reporting sales proceeds and cost basis for the same sale. This is where my confusion is; it would appear that, for example let's say my initial basis is $500, my adjustment as reported on the K1 is -$200, so the cost basis as per the K-1 is $300. The cost basis as per Robinhood's 1099 is $500, and the proceeds from my sale (full liquidation) are let's say $150. The K-1 instructions on the sales schedule say to get the sales proceeds from the broker, i.e. $150.
So where exactly do I enter what numbers? Do I report an adjusted basis in the 1099 section? If so, is it "cost basis incorrect" or "other adjustment not listed" or what? If I do this, then do I leave the "Enter Sale Information" screen of the K-1 section blank? Because otherwise, if I enter $150 and $300 in "Sale Price" and "Partnership Basis", which is what sees correct, the software double-counts the loss from the sale. Do I just fill out the K-1 part and not include the sale on the 1099 at all?
