K-1 and broker import into turbotax, are they duplicate?

[SK28]

Hello,  this is my first year trading stocks.  Turbotax imported all my transactions from my broker.  I also received several K-1's because of some transactions I did from publicly traded partnerships.  Do I have to enter these K-1's into turbotax as well?  Is that going to duplicate the transactions that were imported?

The second question, the imported transaction shows the correct information, purchase amount, sell amount, profit/loss amount.  However, schedule K-1 show different profit/loss for that same transaction!  Here are real numbers:  actual transaction imported: $322 profit.  K-1 shows: -$4311 (loss) in section L and -$4308 (loss) line 11-c.

Thanks

[DavidD66]

Yes, you have to enter the K-1 information for your tax return.  Publicly traded partnerships pay distributions that are a return of capital.  This affects the cost basis of your investment, and also results in ordinary income (or loss) in addition to capital gains and losses.  You should have received instructions and additional information to report the sale of the PTPs.    Because they are also reported by brokers on form 1099-B, you have to enter them again.  In order to prevent double taxation, either the K-1 entries or the 1099-B entries have to be adjusted.  If information is entered correctly for the sale of the PTPs from the K-1 information, the transaction will be properly reported, and you can adjust the cost basis in the 1099-B entry so that it is the same as the proceeds, resulted in no gain or loss on the sale, but it is reported on your tax return, so your proceeds from broker transactions will agree with IRS records.