@JamesChen The tax rules for line 11 are set at the 60% / 40% split regardless of holding period, so that's correct.
You've handled the $200 for trading expense correctly, but need to do more. The partnership is telling you that it does trading, and you as a partner get to deduct your share of those expenses. TT doesn't know how to handle this automatically, so it isn't doing anything with that $200. It expects you to enter it again, claiming the deduction as though it was reported to you separately. As to where you'd deduct that, I suspect you could claim it as an itemized deduction on Sched A, but am not sure about that. You might want to post a separate question specifically on how to deduct trading expenses.
On the cost basis, I'd use your actual purchase price (the 5020 or 4980), less 2000. The 5000 on the K-1 is what was reported to the partner, but they don't verify that. Your records are the best starting point.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
