I'm hoping someone can help me with solving my K-1 issues:
After entering this information, I went to TT 'Review' section, and it came up with the following errors:
One is under the Schedule K-1 Partnership Additional Info worksheet for this final K-1. It says I must enter an amount for Part II Line 7 Regular (Basis of partnership interest in the 'Regular' column).
The other error is in the same worksheet, Part II Line 5 Regular (Sales price for 'Regular' column).
Do I enter my final check amount for BOTH entries? I am assuming that the "Basis of partnership interest" is the same as my "cost basis", which is equal to my "sales proceeds". (see above post).
I did NOT enter any information in the TurboTax K-1 section, when it asked for information about the K-1 Regular Gain/Loss and AMT Gain/Loss. I was told to ignore that section, and instead enter my gains/losses in the "Federal->Wages&Income-> Investment Income" section. Please confirm that this was the correct thing to do.
It would be great if @Irish22_CPA can reply, since they have responded to a lot of my earlier questions on this post. However, any help is appreciated! Read through this post for more information (but it is long and a bit confusing).
