the k-1 numbers get entered on the k-1 input.
that "worksheet" (supplemental sales schedule) may have a column labeled gain subject to recapture as ordinary income - report on 4797 Part II line 10
then a screen "describe the partnership" appears.
this is a publicly-traded partnership - check this box if the box in Part 1 box c of the k-1 is checked.
check the box if a foreign partnership
check the box for this partnership ended in 2020
then click on continue
next screen "describe partnership disposal"
check the box "complete disposition"
next screen "tell us about your sale"
check sold the partnership interest
next screen dates.
use the earliest purchase date and the date of the sale
next screen will ask for sales info. since the sale is reported on the 1099-B this is not the place to enter the sale only the amount that's in the column on the worksheet for ordinary gain
sales price = ordinary gain
selling expenses = 0
partnership basis = 0
ordinary gain = sales price - this is what should show up on form 4797 part II line 10
1250 gain = 0
now we have to fix the 1099'-B worksheet reporting because the broker reports your original cost, not the correct tax basis. there should be a cost basis column. this needs to be split between short-term and long-term based on the %'s given for long-term/short-term. you change what the broker reported as costs to these numbers (ie for those shares held short term and those shares held long-term).
similarly, the amount in the ordinary income column needs to be split by these %'s and the amounts entered as a negative number in the boxes for adjustment amount use code O
.
