Certain investment products, including Commodity ETFs, are structured to operate as partnerships. They issue a Schedule K-1 to each partner (i.e., investor) to report their share of income, gains, losses, deductions, or of any other taxable event.
Enter the information from the K-1 in TurboTax. See this TurboTax tips article for more information on Schedule K-1, and this one for help with entering the K-1 in TurboTax. Check to see that the "Final K-1" box is checked at the top of the document. Use the sales schedule information provided with the K-1 for information needed to report the sale. Basis calculations should be included.
Mark the box for Complete Disposition in TurboTax if you disposed of all of your shares.
If the same sale was also reported on a Form 1099-B, then adjust the sale price and basis that you enter in the K-1 section so that they are not reported twice.
See this TurboTax article for more information on reporting forms for investment income.
See also this thread for another discussion of this issue.
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