MLP K-1 Long Term Sale - How Do I Enter K-1 and 1099-B???

I purchases shares in a MLP back in 2011, not realizing what I was getting into at tax time. The purchase and distributions, which were reinvested. Distributions stopped several years ago. I sold ALL shares on 11/22/2021 and residual shares sold on 11/24/2021 for a capital loss. 

 

I downloaded the Turbo Tax package from the MLP and imported it in TurboTax Premier 2021. I have been able to file the taxes in Turbo Tax each year, but selling/liquidating all the shares is much more complicated. Even though I took a large loss (large for me), TurboTax shows I owe a substantial amount in Federal taxes.

 

This is the first and only time I sold shares, so I have never dealt with the MLP Sale Schedule and corresponding 1099-B resulting from the sale.

 

Below is an example of my Sale Schedule and 1099-B information.

Sale Schedule_Example.JPG

1099-B Example.JPG

 

Below is the information that I have entered:

- Choose the type of Partner: Limited Partner or Other LLC Member

- Choose the Type of Partner, Both of Us are a: Domestic Partner

- Enter the Percentage of Your Share: Percentages entered from of K-1 Section J (All Ending fields 0%)

- Enter Your Liability Share: Amounts entered from K-1 Section K (All Ending fields $0)

- Enter Capital Account Information: Amounts entered from K-1 Section L (Ending capital account $0)

- Describe Partnership:

--- This is a publicly traded partnership. (checked box)

--- This partnership ended in 2021. (checked box)

- Describe Partnership Disposal: Complete disposition

- Tell Us About Your Sale: What type of disposition was this? - Sold Partnership Interest

- Enter Sales Dates

---Purchase Date: 09/08/2011

--- Sale Date: 11/22/2021 (I used this date since this was when my sale order was executed. 11/24/2022 is when the residual shares were sold).

 

Enter Sale Information: I am not sure what to enter into these fields.

Regular Gain or Loss

AMT Gain or Loss
Sale Price: __________ 
Selling Expense: __________ 
Partnership Basis: __________Partnership Basis: __________
Ordinary Gain: __________Ordinary Gain: __________
1250 Gain: __________1250 Gain: __________

 

Describe the Partnership: All of my investment in this activity is at risk.

 

Any help that can be provided would be greatly appreciated! Thank you!