Schedule K-1 Partnership Additional Info

[mellynlee]

I have some final K-1's for a limited partnership (not public) that I entered into TT. I selected them as "Complete Disposition". An additional page in TT appeared requesting Regular Gain/Loss and AMT Gain/Loss amounts.

I was told in a separate post that I could IGNORE this page, and instead put the gain/loss information in another section of TT (Federal->Wages&Income-> Investment Income section). I added the information in that section instead.

Now, when I go to REVIEW, there are some errors that pop up. One is under the Schedule K-1 Partnership Additional Info worksheet. It says I must enter an amount for Part II Line 7 Regular (Basis of partnership interest in the 'Regular' column). 

What am I supposed to put in this column?

I expect that it will ask me to enter additional info elsewhere, once I put something here, since I have more errors.

[Anonymous_]

@Mike9241 ?

[Mike9241]

you have to make entries for the disposition through the k-1 disposition info. worksheet.    not using this section would only apply if the disposition was reported on 1099-B which I assume it wasn't because it was private

in the basic K-1 chceck final k-1

check one of the reasons - discontinued

or you sold your entire interest

now you need to enter the disposition info

in the disposition worksheet

check complete disposition

enter dates acquired and disposed

choose method of acquisition

enter sales price

enter basis

enter ordinary gain if any (must be furnished by the partnership if it applies) 

enter any section 1250 recapture included in long-term gain (again furnished by the partnership if it applies)

[mellynlee]

Hello,

You have been replying to this issue on a separate post (labeled 'Final K-1 question'). This is a related question.

Previous Post: https://ttlc.intuit.com/community/file-with-turbotax/discussion/final-k-1-question/00/2775951/highli...

In that post, I was told to IGNORE this section, and to instead enter all the information under the 'Federal->Wages&Income-> Investment Income section'. I had stated that this was a private limited partnership, and I did NOT get a 1099-B. I was told to ignore it in this K-1 worksheet, and instead enter it there.

Here is the reply you posted to me, on page 1 of that post (posted by CHAMP Mike9241 Level 15):

-----------------------------

Wednesday

was this a publicly traded partnership where the disposition was reported on 1099-B? if no, ignore. 

----------------------------

That entire post is very confusing, and a couple different people were replying to me, but it seemed like everyone told me to IGNORE this section and instead enter it into the Federal Wages&Income section instead.

Do I need to REMOVE everything I entered in the Federal Wages&Income section and add the information in the K-1 worksheet instead?

If so, I'm  back to my original question on how to fill out this info!

[mellynlee]

In addition, just for clarity, when I entered this information in the Federal->Wages&Income section, it asked if I had received a 1099-B for this income, and I selected NO.

[mellynlee]

I'm so sorry...this issue has been very confusing and I had too many questions in my posts.

Is it possible to "converse" with just one person until I can successfully get through all of the K-1 info?

To start over, I received a final K-1 for a limited partnership (non public), and I did NOT receive a 1099-B for it, and it was a land investment. I invested $ in it 3 years ago, and in 2021, the land was sold, and I received a final check from them and the partnership is now dissolved.

I have entered the information for this K-1 into TT, up to the purchase and sales dates. 

The next form that comes up asks for the following information:

Regular Gain or Loss

Sale Price: Is this the final (one and only) check I received from the partnership when it ended?

Selling Expense:

Partnership Basis:

Ordinary Gain:

1250 Gain:

Can someone tell me what I should put in these boxes?

Thank you!