@spoede1026 First, I'm trying to find out why the original post that addressed all this is gone. I briefly thought that TT had fixed the issue, but they haven't.
What Mike described works as long as you don't have to deal with AMT. If you do you have two different Ord Gain values (one 'Regular', one 'AMT'). You deal with that by entering $0 for sales, and for basis you use the inverse of the Ord Gain (e.g., -100 if Ord Gain is 100). The net result you're shooting for is to have the K-1 calc $0 for short term and long term gains.
On the QBI portion you asked Mike about, TT is convoluted. The form asks for 'Ordinary business income", and then further down it asks "Total ordinary Form 4797 gain included above. People can accidentally just put the 20Z value on that first line, but it needs to be 20Z + 20AB so that you can then report 20AB again on that later line.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
