Payment from a Partnership

[sur90013]

I received a payment from the partnership that is not reflected on my Schedule K-1 as the payment was intended to be treated as a sale of my units to a 3rd party.  How do I report this on my 2024 taxes?

Thank you in advance for your assistance; I am very new to this partnership.

[ThomasM125]

You would report that as an investment sale. The  sale amount would be your proceeds and the cost would be what your cost basis/unreturned investment is in the partnership.

You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.