K-1

Forum|Forum|6 years ago
April 6, 2020
2 replies
5 views

I download all stock sales from my broker. This includes all entries for MLPs. Then i enter info from K1 in turbotax in K1 part of TT. Any MLPs that were sold and imported from broker produce duplicate entries in Schedule D. Is there way to do it without creating duplicate entries?

JohnB5677

Level 15

Did you possibly import the information twice. If you did this will correct it:

Delete the original import. Your corrected 1099 has all the entries.

In the TurboTax CD/Download software, you can delete imported items as follows:

Open your return.
From the TurboTax File menu, select Remove Imported Data.
Select the item(s) you want to remove and follow the on-screen instructions.

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confused123Author

Level 2

no i did not import it twice. problem is with K-1 entry. this software from hell aka TT generates entry for each MLP that liquidated. How do i delete imported entry for specific mlp that i actually enter k-1?

Irene2805

Level 15

Since the MLP information is reported on the brokerage statement and again on the K-1 you entered, it is doubled on the return. To delete the imported information, please see this article: How do I update or delete something I imported into TurboTax?

nexchap

Level 9

@confused123 -- This is a long-standing source of confusion in TT. Here's a long thread, with lots of examples in the comments, that explains the problem and how to work around it.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale-of-mlp-shares-in-turbo-tax-i-sold-all-shares/01/776624

**Say "Thanks" by clicking the thumb icon in a post. **Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. . Use any advice accordingly!