In 2022 I bought a stock. It was a PTP and generated a K-1 and Form 1065.
I never had the stock previously. I bought on different days and different prices and sold on different days and different prices. I sold out fully. All of this happened in 2022.
TurboTax is asking things like my sale price and many other questions, but it confuses me. How can I provide one sale price when I actually had multiple sale prices?
This is the screen giving me trouble....
Below are the multiple purchases on my 1099-B...
My K-1 includes this info.....
So what would I enter for my Sale Price? And do I need to fill out these other fields below? What do I enter for those?
And lastly, in this linked thread from 2019 people are saying don't even fill out the K-1 section at all if you the stock was in your imported 1099-B. So should I even have told TurboTax I have a K-1? (https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-disposed-of-a-k-1-partnership-and-received-a-1099-b-turbotax-is-asking-about-this-1099b-and-the-k/00/378118#M15203 )
That K-1 that you entered shows that they lost 95 bucks during the time you had the stock. That may help you out a little bit.
If all of the sales and purchases of your stock are entered on the 1099-B, though, do not re-enter them on the schedule K-1 information.
Thank you.
I auto-imported the 1099, but afterwards I entered these numbers (click link) which came from the K-1 (click link) (they are similar to numbers on the 1099 but a little different).
Was I right to fill in those numbers above?
And my main question, on this screen, should I enter anything here (click link)? I left it blank but there are a ton of possible things I could enter, like stuff from here (click link)?
Was I right to leave these numbers blank?
Lastly, am I supposed to ask for an extension because I have to wait for the K-3 to file, and then come back to TurboTax and add more stuff? For now it asked me if I have a K-3, the K-1 is actually marked to say I do, but I actually don't so said no in order to proceed.
Thanks so much, this K-1 stuff is probably the most complicated stuff I've ever seen anywhere. 😰
Yes, you should enter all of the numbers. This is the activity that you profited from while you were part of the PTP. If you don't have a K3 then you should be good to file.
Thanks you but I'm sorry because I'm a bit confused - I was asking 2 separate questions and now I'm worried I confused things because I got only 1 answer which seems to be talking about the first one. My bad!!! Please let me rephrase....
Let me put it this way, are BOTH these 2 screens correct?
Screen 1 (click). I FILLED IT. Source for it (click)
Screen 2 (click). I LEFT IT BLANK even though i have some numbers for it. Source for it (click)
Then if you reply YES, it will be unambiguous to me.
Thanks a lot