Hello everyone,
I had vested RSU units in a partnership and I sold them all off this year. I received a 1099-B from
my broker as well as a K-1. The 1099-B doesn't have cost basis information and they put it in "Noncovered Securities with Undetermined Holding Period".
This is where the strangeness starts. My broker has multiple transactions on the 1099-B (even though there were only two sales during the year). It looks to me like they broke it down by lots in a FIFO fashion with the proceeds shown for each lot, in total the add up to all the units sold, which is all of them. Since the units were in a DRIP there are quite a few lots for each time the dividends were reinvested and additional units were purchased.
The K-1 shows two transactions in the Sales Schedule which total to the same number of units. However, it also has an initial purchase price. When I add up the relevant purchase prices for the lots listed in the broker 1099-B the amount was less than the amount listed in the k-1. However, when I do an average share price across all units and total them, the total reconciles. At least with the first sale, the second sale is off by a little. It makes me think that the k-1 calculations are not using FIFO but are using average cost.
I am not sure if I just need to remove all the imported transactions from the 1099-B and just the information from the K-1 (two transactions) with the cost basis and adjustments or if this will flag with the IRS because the 1099-B breaks down the transactions more granularly.
I am trying to figure out how to accurately enter the 1099-B information for this final k-1 and the k-1 forms correctly in turbotax. I've attached the relevant screenshots from the forms. If anyone could help, I would be eternally grateful because I've been stuck on this for days!
K1:
1099-B info:
k-1 sales schedule
