K-1 and 1099-B how to enter properly so nothing is duplicated

[Sam78]

On the advice of a friend, I started experimenting with investing via M1 Finance as I could do fractional shares which made it affordable for me. So I now have a 1099-B from M1 listing all the companies I invested in and some K-1's from various L.P.s (if only I'd known how much of a pain these L.P.s are to deal with when it comes to taxes I would have never touched them but I guess we live and learn) and I'm wondering how to properly enter all the info so nothing is duplicated.

The amounts are very small and I'm not sure it will even make a difference in my taxes but I still want to get it done correctly. I've looked around on the forums here but can't understand what needs to be done and the one instruction I could find that I could understand, TurboTax wouldn't let me do it.

So I was wondering if someone can help me and walk me through step-by-step? Please? If so I'd really appreciate it!

Here's an example using the info for BSM, one of the L.P.s, from my M1 1099-B and the info from the K-1 they sent, in case that helps.

Black Stone Minerals, L.P. (BSM)
1099-B:
Quantity sold	0.08541	0.12077
Date Acquired	11/15/2019	11/15/2019
Date Sold (box 1c)	12/09/2019	12/09/2019
Procedes/Reported to IRS (box 1d)	$1.01	$1.43
Cost or other basis	$1.06	$1.55
Accrued Market Discount	$0.00	$0.00
Wash Sale Loss Disallowed	$0.00	$0.00
Gain/Loss	-$0.05	-$0.12
FROM K-1:
Form 1065
J Partner’s share of profit, loss, and capital:	Beginning	Ending
Profit	0.00%	0.00%
Loss	0.00%	0.00%
Capital	0.00%	0.00%
K Partner’s share of liabilities:	Beginning	Ending
Nonrecourse	$0.00	$0.00
Qualified nonrecourse financing
Recourse
Check this box if Item K includes liability amounts from lower tier partnerships.	x
L Partner’s Capital Account Analysis
Beginning capital account	$0.00
Capital contributed during the year	$15.00
Current year net income (loss)	$0.00
Other increase (decrease)	$0.00
Withdrawals & distributions	-$3.00
Ending capital account	$12.00
1 Ordinary business income (loss)	0
2 Net rental real estate income (loss)
3 Other net rental income (loss)
4a Guaranteed payments for services
4b Guaranteed payments for capital
4c Total guaranteed payments
5 Interest income	0
6a Ordinary dividends
6b Qualified dividends
6c Dividend equivalents
7 Royalties	0
8 Net short-term capital gain (loss)
9a Net long-term capital gain (loss)
9b Collectibles (28%) gain (loss)
9c Unrecaptured section 1250 gain
10 Net section 1231 gain (loss)	0
11 Other income (loss)
12 Section 179 deduction
13 Other deductions
I	0
J	0
K	0
14 Self-employment earnings (loss)
15 Credits
16 Foreign transactions
17 Alternative minimum tax (AMT) items
A	0
D	0
*	STMT
18 Tax-exempt income and nondeductible expenses
C	0
19 Distributions
A	0
20 Other information
A	0
B	0
T*	STMT
*	STMT
Supplemental Info
AMT Item: Oil, Gas & Geothermal-Deductions	17E	0
AMT Item: Excess Intangible Drilling Costs	17F1	0
Sustained Depletion - Working Interests	20T1	0
Cost Depletion - Working Interests	20T2	0
Percentage Depletion in Excess of Cost Depletion - Working Interests	20T3	0
Sustained Depletion - Royalty Interests	20T4	0
Cost Depletion - Royalty Interests	20T5	0
Percentage Depletion in Excess of Cost Depletion - Royalty Interests	20T6	0
Percentage Depletion in Excess of Basis	20T7	0
Net Equivalent Barrels	20T8	0
Unrelated Business Taxable Income or Loss	20V	0
Section 199A Publicly Traded Partnership (PTP) Income	20Z1	0
Qualified PTP Item - Section 1231 Gain (Loss)	20Z2	0
Qualified PTP Item - Ordinary Income on Sale of Interests	20Z3	0
Section 751 gain (loss)	20AB	0
Excess Taxable Income	20AE	0
Excess Business Interest Income	20AF	0
Gross Receipts	20AH1	0
Ownership Schedule
TRANSACTION
DESCRIPTION	DATE	UNITS
BEGINNING OF YEAR UNITS		0.00000
AC Buy	11/11/2019	0.07300
AC Buy	11/15/2019	0.08500
AC Buy	11/18/2019	0.04700
AC Buy	12/9/2019	1.00000
DA Sell	12/9/2019	-0.20600
Sales Schedule
	1	2	3	4	5	6	7	8	9
	Units Sold	Sale Date	Sales Proceeds	Purchase Price / Initial Basis Amount	Cumulative Adjustments to Basis	Cost Basis	Gain Subject to Recapture as Ordinary Income	AMT Gain/Loss Adjustment	Percentage Long Term
	0.206	12/9/2019		3	0	3	0	0	0.00%
Totals	0.206			3	0	3	0	0
References			Form 8949 Column D			Form 8949 Column E	Form 4797 Part II Line 10, Form 8949 Column G	Form 6251 Line 2k

A big thank you to whoever can help!

[LeonardS]

If you have a K-1 and a 1099-B for the same items and amounts you have two options.

• Enter the information from the K-1 and do not enter the 1099-B information.
• Enter the information from the 1099-B and do not enter the K-1 information.

Either of the methods will enter your information without any duplication.

[Sam78]

Thank you for the info.

Seeing as the K-1 has some additional information that the 1099-B does not, can I simply delete the entries pertaining to Black Stone Minerals, L.P. from the 1099-B that was entered or will that cause problems?

[KathrynG3]

Yes, you can delete the duplicated details from Form 1099-B. The problem is caused by the duplicate information received and entering it in both places. It is appropriate to enter it as you suggested, through the Schedule K-1 input. 

[Sam78]

Thank you very much! I appreciate the time both of you took to answer.

[luke622]

Personally, I think it's unsat that Turbotax does not handle it thru its software. I was unaware of this last year and probably filed incorrectly. Lesson learned for this year. 

[another username 2]

shouldn't missing K1 or have a lower amount stated on 1099B trigger some variance somewhere? Broker does report their calculated amount to IRS ? it probably does not matter if the amount is minimal, but what if it gets bigger?

[another username 2]

https://www.youtube.com/watch?v=-UelaEaxp5A

this video seems to explain it the best than any answers I have seen in the past.

[luke622]

Many thanks. My head hurts after watching it, but it is the best explanation I've seen.

[gemamos]

My K-1 has nonbusiness income, alternative minimum tax adjustment, tax exempt interest, foreign taxes, net investment income, and adjustment for section 14 net investment income or ded;uctions.  Where does this all go.

[Cynthiad66]

Follow the steps below to enter K-1 information.

TurboTax Online

1. Sign in to TurboTax.
2. Open or continue your return.
3. Select Search, enter K-1 and select the Jump to k-1.
4. On the Schedules K-1 or Q page, select Yes.
5. On the Did you receive any Schedules K-1? ...
6. Select Start next to the type of Schedule K-1 form you have, then enter your information.