About 20 years ago I was gifted shares in a limited partnership and in 2021 that limited partnership ended (was dissolved).
In the final K1...
* I have values filled out in section II.L (Partner’s Capital Account Analysis). Beginning is a small value, and ending is 0.
* My final distribution is in section III, item 19A
* I have values in part III in these fields: 1, 9c, 10, 17a, 17b, 18c, 19a, 20ag, 20n, 20z
My general question is how to enter this K1 into TurboTax including the ending of the limited partnership. My guess (with a lot of questions!) is…
- In “Describe the Partnership” I selected “This partnership ended in 2021”
- In “Describe Partnership Disposal” I selected “Complete disposition.” – Was this correct?
- In “Tell Us about your sale?” I wasn’t sure so selected “Sold Partnership Interest” – Is that correct?
- In “Enter Sale Information”…
- I put “Sale Price” as my last distribution from 19A -- ???
- Selling expense – 0
- Partnership basis – 0 – should I have put the small amount from the beginning of the year in section K1 II.L?
- Ordinary gain – I put the value from the K1 part III, item 1 – is that correct?
- 1250 gain – I put the value from the K1 part III, item 9c – is that correct? Should it be the value from item 10 instead?
