You need to report the K-1 form in TurboTax as it is stated, like you normally would.
Then, determine your gain or loss on sale of the partnership interest. This will be what you received for your shares less your basis in the investment. Your basis is basically what you paid for your interest plus/minus income and losses you reported on your tax return over the years. You can use the worksheet you mention to help with that.
You should receive a form 1099-B reporting the sale of your partnership shares. Enter that as an investment sale in TurboTax and adjust the cost basis to reflect your capital gain as calculated above. Also, make sure you don't duplicate any capital gain that is reported on the K-1 entry.
You enter the investment sale (form 1099-B) as follows in TurboTax:
- Income and expenses
- Investment Income
- Stocks, Mutual Funds, Bonds, Other
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
