nope. all Fidelity did was report the sale. not the k-1 activity because it does not receive the k-1
make sure the PTP box is checked on the TT k-1
enter the k-1 info - do not check the k-3 box
assuming total disposition
check final k-1. that should be checked on the k-1 you got
indicate that there was a total disposition.
report the ordinary portion of the sale through the k-1
sales price is the amount in column 7 of the sales schedule
cost is 0
ordinary income is the same as the sales price
if done correctly this will flow to form 4797 line 10
now you need to adjust the cost basis of the security as reported on the 1099-B.its wrong
you cost basis for the 1099-B is column 6 from the sales schedule + column 7
example - all number are made up
sales price 10,000 column 3 you fill in
purchase price 8,000 column 4 and is provided
cumulative adjustments to basis -2000 column 5
a) cost basis 6,000 combination of column 4 and 5 column 6
total gain no column but is column 3 less column 6 4,000
b) ordinary income 3000 column 7
capital gain 1000 no column but is total gain less column 7 (in your situation it's possible to end up with a loss
cost basis for1099-B
a) 6,000
b) 3,000
total 9,000
other things to watch for EPD is a PTP that generates section 199A income line 20Z!. if you want the 20% deduction it must be entered in the 199A section of the k-1 (20Z1) goes nowhere
in addition, the gain in column 7 of the sales schedule is also 199A income and should be entered on the line that says total ordinary gain in the 199A section
