@MGuercini Like you said, you'll need to amend 2020 and 2021 to report the K-1 values. TT will take care of figuring the tax liability once you add the forms. A couple things to keep in mind:
- After you do 2020, check to see if there are any suspended losses created (there will be a worksheet for the partnership that will show you). If there are, you'll want to bring them into your 2021 file when TT asks you if you have any suspended losses. Normally, this would happen automatically when you import your previous year file, but since you're amending you'll have to do it manually. If you've already completed 2022, you'll have to do the same for 2021 suspended values.
- Your broker 1099 will have the wrong cost. They don't see the K-1. So when you report the sale you'll change the cots to $22,000 (or whatever the K-1 tells you).
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
