K-1 or 1099-B in Turbo Tax

[qwer1234]

I sold my oil fund at loss in 2020. When importing from the broker, the transaction only has the proceeds amount with no cost base. I also have K-1 reporting the loss. 

Shall I remove the 1099-B entry and enter K-1 only in Turbo Tax? The broker probably has reported the proceeds to IRS. Look forward to your advice. 

[ErnieS0 · Accepted solution]

Do report the sale of your oil fund. If your broker sent a 1099-B, the IRS wants to see the sale on your tax return, regardless of whether the broker reported the basis to the IRS.

The K-1 section of TurboTax allows you to enter the sale. I’m assuming you sold a partnership interest.

• Go to Describe the Partnership in the K-1 partnership section
• Check the box Disposed of a portion of my interest in partnership during 2020
• On Tell Us About Your Sale, select Sold Partnership Interest
• On Enter Sales Dates, enter the purchase and sale dates
• On Enter Sale Information, fill in the boxes. The sale price (and possibly sales expenses) will come from your 1099-B. Your K-1 may have supplemental information showing the basis, ordinary gain and 1250 gain, as well as the AMT information
• On Review Investment Gain or Loss on Sale, TurboTax will show you the result, which TurboTax will enter on Form 8949 and Schedule D

[qwer1234]

Thank you! It is helpful.

But I am still puzzled about how to calculate Partnership Basis, Ordinary Gain, and 1250 Gain from K-1. I cannot find the direct mapping. 

[timoooshy]

Any additional info on this? Thanks!