hope the following helps - total disposition only
MLP and PTP reporting k-1 and 8949/1099-B
Enter the k-1 info
Check the PTP box
If total disposition then:
Check final K-1 (s/b marked on actual k-1)
Check sold or otherwise disposed of your entire interest
On the k-1 disposition section for sales price use the ordinary income. It would be reported in box 20AB of K-1 and a column on the sales schedule. Sometimes you’ll see a column with the “751” or the words “Gain subject to recapture as ordinary income” or similar wording on the sales schedule. No 20AB, no column on the sales schedule indicated as ordinary income, then there is no ordinary income. The following is for the k-1 sale section - not the 8949/schedule D
Sales Price = line 20AB (1065 k1) use 0 if box 20AB is missing or zero and no ordinary income column on the sales schedule
* Selling expenses = 0
* Basis = 0 (zero – nothing else)
* Gain is computed and should be the same as the sales price.
* Ordinary gain = enter the same amount as the sales price
* Other lines should be zero
This amount flows to form 4797 line 10 and is taxed as ordinary income. This step is necessary, so any suspended passive losses are now allowed assuming complete disposition.
Some do not understand the above. The 1099-B (capital gain/loss portion) reporting is not done in this section in Turbotax. Doing so will result in reporting the sale twice if you enter the 1099-B info.
Now for the 8949/1099-B Capital gain/loss reporting
The broker’s form is probably coded as B or E – sales proceeds but not cost basis reported to the IRS. This is because the broker does not track the tax basis. It used what you paid or was adjusted due to a merger or acquisition but does not reflect the k-1 activity.
The correct tax basis is (note that your sales schedule may have a column that reports the adjusted/average tax/cost basis excluding the ordinary income which must be added):
What’s on the sales schedule as purchase price/initial tax basis (usually column 4). it may differ from what you paid originally because of a merger or acquisition. Some of your original cost is allocated to the new security.
There is a column on the sales schedule that says cumulative adjustments to the basis. If it’s positive add it to the cost shown. If it’s negative subtract the amount.
Finally, add the amount of ordinary income reported above.
The result is your corrected cost/tax basis for form 8949 – the capital gain/loss portion.
k-3 see below but if everything is US there's nothing to enter. Turbotax does not handle all sections of the k-3
but that's a;most always in the case of a non-resident who should be filing fornnm 1040-NR which Turbotax doesn't do
Schedule K-3 - Foreign Transactions Smart Worksheet
Line A: Name of country or U.S. territory - Enter from Schedule K-3, Part 2, Section 1, Line 24, description column(a,b,c)
Line B: Gross income from all sources - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column G
Line C: Gross income sourced at individual level - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column F
Line E: Foreign gross income - Foreign branch category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column B
Line F: Foreign gross income - Passive category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column C
Line G: Foreign gross income - General category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column D
Line H: Foreign gross income - Other - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column E
Line I: Deductions allocated at individual level - Interest expense - Enter from Schedule K-3, Part 2, Section 1, sum of Lines 39-43, Column F
Line J: Deductions allocated at individual level - Other - Enter from Schedule K-3, Part 2, Section 2, Line 54 minus the sum of lines 39-43, Column F
Line L: Deductions allocated - Foreign branch category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column B
Line M: Deductions allocated - Passive category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column C
Line N: Deductions allocated - General category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column D
Line O: Deductions allocated - Other - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column E
Line P: Total foreign taxes paid - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category, if "Paid" is checked
Line Q: Total foreign taxes accrued - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category if "Accrued" is checked
Line R: Reduction in taxes available for credit - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category if "Accrued" is checked
The following lines are not provided in the program. Enter on appropriate tax form.
Line S: Foreign trading gross receipts
Line T: Extraterritorial income exclusion
Line W: Section 965 information
Line X: Other foreign transactions
Line AA: Gross receipts per Regs 1.59A-7(e)(2). Current year.
Line AB: Gross receipts per Regs 1.59A-7(e)(2). First preceding year.
Line AC: Gross receipts per Regs 1.59A-7(e)(2). Second preceding year.
Line AD: Gross receipts per Regs 1.59A-7(e)(2). Third preceding year.
Line AE: Base erosion tax benefits from base erosion tax payments per Regs 1.59A-7(d)
Line AF: Amounts included in the denominator of the base erosion percentage per Regs 1.59A-2(e)(3)(i)
Line AG: Section 951A (GILTI) information. See instructions for Form 8992.
Line AH: Foreign derived intangible income (FDII) information
Line AI: Section 864(c)(8) foreign partner's distributive share of deemed sale items on transfer of partnership interest
