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Level 2
April 8, 2026
Question

Final PTP K-1 in TurboTax: 1099-B, Section 1256, Box 20/199A, and disposition questions

  • April 8, 2026
  • 1 reply
  • 444 views

Hi, I’m trying to correctly enter a Final K-1 for a publicly traded partnership (Icahn Enterprises LP / IEP) in TurboTax, and I want to make sure I’m not double counting anything.

 

Here is my situation:

  • I received a Final K-1 for Icahn Enterprises LP (IEP)
  • I fully disposed of all units in 2025
  • I also received a Schwab 1099-B
     

  • My 1099-B shows IEP unit sales under short-term transactions:
    • Proceeds: 4,012.69
    • Cost basis: 5,026.00
    • Realized loss: 1,013.31
  • Separately, my 1099-B also shows Options Subject to Section 1256 Reporting for IEP call options:
    • Total Section 1256 amount: 531.03

       

From my K-1 / supplemental schedule:

 

 

 

 

My questions are:

  1. For the IEP unit sales on 1099-B, should I enter them exactly as reported first, or do I need to adjust basis/proceeds myself to avoid double counting with the K-1 disposition section?
  2. My understanding is that the Section 1256 options on 1099-B are separate from the K-1 partnership disposition and should be reported separately on Form 6781. Is that correct?
  3. In the K-1 disposition section:

     

    • Should I enter purchase date as “Various”  or Should I use the final sale date for the disposition screen?
  4. In the K-1 sale information section:
     
    • Should ordinary gain be the Section 751 gain of 4?
    • Since unrecaptured Section 1250 gain is zero, should 1250 gain be entered as 0?
    • are the numbers I entered correct for both regular Gain or Loss part and AMT gain or Loss part? 
       
  5. My supplemental K-1 statement includes many Box 20-related items, such as 20V, 20Z1, 20AB, 20AE, 20ZZ10, 20ZZ11, and 20ZZ12. Do I need to manually enter all of these in TurboTax? I’m especially confused because -113 appears multiple times on the supplemental statement. Should that same amount be entered more than once in different places, or would that double count it?
     

  6. On the TurboTax screen “We need some information about your 199A income”, I entered:

    • Ordinary business income (loss): -113

       

    Is that correct? should I enter anything else?  should the Section 751 gain of 4 be included there?

  7. Also, where should the 20ZZ10 (-99) partnership interest disposition adjustment for Section 163(j) be reflected in TurboTax?

I’d really appreciate guidance from anyone who has entered a Final PTP K-1 + 1099-B + Section 1256 options in TurboTax before.

Thank you!

1 reply

TINAAAAAAuthor
Level 2
April 8, 2026

Hi, thank you for hosting this event. This is my first time dealing with a K-1, and I’m not fully confident that I entered everything correctly in TurboTax. It’s an IEP/PTP K-1, and I’m especially unsure about the Box 20 statement details, the 199A (QBI) information, and the sale/disposition entries. Could someone please help take a look and let me know if I’m handling this correctly? I would really appreciate your help. Thank you!

Level 15
April 8, 2026

1. For the 1099-B enter it exactly as reported. 

2. Yes, straddles and options should be reported separately on 6781.  Here is a good discussion on that.

3. Various is a perfectly acceptable entry for the purchase date.  For the sale date enter the final sale date.

4. You reported the numbers exactly as they are on the K1 which is correct.  

5. Entering the same numbers in this section won't double count it.  There's a lot of redundancy in that area.

6. You entered that exactly right.

7. Those line 20 items are mostly informational and would be related to a basis carryover if you had kept the partnership interest.  Since you didn't they aren't really going to show up on your return at all.

 

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TINAAAAAAuthor
Level 2
April 8, 2026

@RobertB4444 Thank you so much for your detailed explanation — it was really helpful!

 

1. I have one more question regarding the 199A section in TurboTax. Besides checking the first option for ordinary business income (loss), should I also check any of the other boxes?

For example, on my K-1 Box 13 there is code H with an amount (247), and in the supplemental information there is also a line 13AE with an amount of 4. Should either of these be entered under “other deductions” in the 199A section, or should they be handled elsewhere?

 

2. Also, since this is my first time dealing with a K-1, I’m a bit worried about accidentally double counting things. After completing the K-1 section, what is the best way to verify that nothing has been double counted? Is there a specific form or summary in TurboTax that I should check?

 

Really appreciate your help — thank you again!