2020—How to handle Final K-1 for PTP in TurboTax

[-tax-prep-2018on]

I sold all interest (shares) in a PTP in 2020. I've entered all the info from the various boxes in Parts II and III of the K-1. Will Turbotax automatically calculate any tax consequences because my ending share is showing as 0.000% or is there something else I must to do to get program to calculate tax implications of the sale?

Thank you,

[nexchap]

If you correctly tell TT that you've ended the partnership, and sold all shares, it will handle all aspects of the K-1 and any suspended losses.  As for entering the sale itself, be careful that it isn't double-counted.  This thread discusses the issue:

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...

You can verify that everything is handled correctly by looking for the released losses on Sched E, any Ordinary Income on Form 4797, and the correct Cap Gain on Sched D

[-tax-prep-2018on]

Hello again, just picking this up as the final to-do for tax prep. A quick question: How do I tell Turbo Tax the correct information about selling my shares? Would I mark the box on Form 1065 under "Final/Amended" K-1s? Thanks for your advice!

[-tax-prep-2018on]

Well, turns out there were two tranches, one LT, the other ST, so I will follow the directions in the link you sent. Thanks for your help!