Only report the sale once. The sale can be reported through the K-1 screens or through IRS form 1099-B entries.
If you report the Proceed=$1,169 and Cost Basis=$625 on an IRS form 1099-B, the sale will be reported on Schedule 8949 Sales and other dispositions of Capital Assets / Schedule D Capital Gains and Losses.
Therefore, within the K-1 entries,
- at the screen Describe the Partnership, select This partnership ended in 2022, and
- at the screen Describe Partnership Disposal, select No entry.
Be aware that if:
- At the screen Describe the Partnership, you report Disposed of a portion of my interest.... and
- At the screen Tell Us About Your Sale you report Sold Partnership Interest,
you will be asked to provide information about the sale of the investment and the sale would be reported. In this case, you would not report the sale on IRS Form 1099-B Proceeds.
Make sure that the sale is not reported twice. Review the sale of the investment reported on IRS Form 8949 Sales and Other Dispositions of Capital Assets and IRS Form 1040 Schedule D Capital Gains and Losses.
You are able to view the entries at Tax Tools / Print Center / Print, save or preview this year's return.
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