On your second question (ability to efile) I have been unable to do so. A sale of most MLPs requires an IRC Sec 751 statement, which I place on the "blank form" TT allows in Form mode. But that blank form doesn't get e-filed, so I file by mail.
On the location of the adjustment, I read the K-1 instructions about using Col G as their attempt to help you try to figure out how to fill out your forms. But its pretty generic advice, and doesn't need to be followed. The Ordinary Gain definitely needs to show up on Form 4797. Any released passive losses definitely need to show up on Sched E. And the correct Gap Gain/Loss needs to make it to form 8949. But you can adjust the cost basis by simply changing it (if it wasn't reported to the IRS), or by reporting it as incorrect and entering the correct one (in the case where the broker did report it.)
This thread discusses the entering of MLP sales in general, and focuses on not allowing the K-1 interview to mess with Cap Gain/Loss, or Form 8949/Sched D, at all: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
