Final k-1 for Atlas Growth Partners

I received

a Final K-1 for a private LP called Atlas Growth Partners which was de-listed in Dec 2021 . I have entered the information in Turbo Tax and when we run the checks it gives a warning. It wants me to check the box indicating how the partnership was disposed but the K-1 does not have a code L in box 20 and we do not have a 1099-B for it. If I check the box our refund is increased substantially but I don't want to risk it if it's wrong.

The checkbox has sub-checkboxes that indicate how it was disposed but I don't know that information.

How should I enter this?

390

Level 15

Apr 10, 2022 10:42:57 AM

you may want to check. there have been lawsuits filed against brokers and others who recommended it. if that is not your situation

need to indicate final k-1.

need to indicate the total disposition of ATLAS

you need to determine your tax basis to see if you have a capital loss

tax basis

basically what you invested

plus k-1 items of income

less k-1 items of loss

less distributions.

if you intend to enter into litigation, the loss if any would likely be contingent and not currently deductible.

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Final k-1 for Atlas Growth Partners