duplicate forms for 8949 based on selling public traded partnership

I sold some of my interest in a publicly traded partnership this year. I have the schedule K-1 and the brokerage 1099-B forms.

While entering the schedule K-1 information, I checked the box that I disposed of a portion of my interest in partnership during 2023. After filling on the field for the sale, I ended up with two separate form 8949. One from the brokerage and one from filling out the information via schedule K-1. How do I correct this because it looks like two separate transactions but it not.

thanks.

1822

1 Best answer

Level 1

Mar 30, 2024 7:48:28 AM

Thanks, this helped.

I also used the following in completing my return:

https://ttlc.intuit.com/community/taxes/discussion/how-i-report-the-sale-of-mlp-shares-in-turbo-tax-i-sold-all-shares/00/776624

Level 15

Mar 27, 2024 2:03:11 PM

if you filled out the sales section in the k-1 using the 1099-B amounts and also entered the 1099-B as part of the brokerage transactions you have doubled up. The 1099-B is almost certainly incorrect because it does not reflect your proper tax basis. It is computed using the supplemental sales schedule that should have accompanied the K-1.

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the only thing that goes on the Turbotax k-1 sales schedule is any 751 gain reported on the sales schedule. It will also be in box 20AB of the k-1. The 751 amount is entered as both the sales amount and the ordinary income amount. Look closely at that supplemental sales schedule