Schedule K-1 (Form 1065) How to enter sale price and etc?

[superlyc]

Hi,

I bought a fund 2020 (I thought it is ETF) and sold 2021. They sent me schedule k-1 2020 and 2021. I The unit price went up 2020, even I did not sell in 2020, according to the K-1 I made some income so I paid tax in last year's return. Now this year, again I need file it. Here I don't know how I should enter the information in TurboTax online, so it can get it right.

1 When I reach this step, "Describe the Partnership", check any that apply. I selected "This is a publicly traded partnership" and "This partnership ended in 2021". 
2 "Describe Partnership Disposal" choose how you disposed of this partership/LLC. I selected "Complete disposition".

3 "Tell Us About Your Sale“. I selected "Sold Partnership interest".
4 "Enter Sales Dates", it asks for purchase date and sale date. I purchased the fund on various date in 2020. More than a year later, I sold them. So I have multiple purchase date. But no where to enter all. Any help?
5 Enter Sale Information, two columns

Regular Gain or Loss; AMT Gain or Loss
Sale Price

Selling Expense

Partnership Basis

Ordinary Gain

1250 Gain
Where can I find this information? Is the sale price the unit price or total sale amount? I own 30 units of that fund.

[Mike9241]

you bought a Publicly Traded Partnership. it is not a fund.   you should get a k-1 in the year of sale. in addition, with it you should have gotten a supplemental schedule that allows you to compute capital gain and any ordinary income on disposition. 

the capital gain goes with other security sales on form 8949 type B or E. cost basis not reported to IRS.

the cost basis is determined by using that supplemental schedule

but if you want to do it yourself, (unadvisable) 

what you paid when you bought it + net income including any non-taxable income - net losses including any non-deductible losses and credits - distributions + ordinary income realized on the disposition

Sale Price - from the 1099B you got or should get from the broker

Selling Expense - $0

Partnership Basis by using the supplemental schedule

Ordinary Gain from that supplemental schedule

only the ordinary income portion of the disposition gain is reported through the K-1

sales price = ordinary income

cost = 0

ordinary income  = sales price above.

1250 Gain - unlikely but that too would be on the supplemental schedule. 

1250 gain is normally reported on line 9c of k-1 

[superlyc]

@Mike9241  Thank you for your help. 

1 "Partnership Basis by using the supplemental schedule", what is a supplemental schedule, my k-1 came with a sales schedule and a transactions schedule. On the sales schedule, it has 
PURCHASE PRICE / INITIAL BASIS AMOUNT

CUMULATIVE ADJUSTMENTS TO BASIS

COST BASIS

PERCENTAGE LONG

Should I use "PURCHASE PRICE / INITIAL BASIS AMOUNT" or "COST BASIS"?

2 "Sale Price - from the 1099B you got or should get from the broker"
Is this the proceeds (total of 30 shares) from my 1099B?  Will I be double taxed on this part, since 1099B includes this information already?

3 "Ordinary Gain from that supplemental schedule" I don't see a box says "ordinary gain". Do you mean ordinary income in Part III of my K-1? In Part III,  only 11 other income has a number and all the other boxes are empty.

4 "only the ordinary income portion of the disposition gain is reported through the K-1

sales price = ordinary income

cost = 0

ordinary income  = sales price above"
Do you mean if only ordinary income box has a number on my K-1, I should you what suggested here?

5 What about the AMT gain/loss part? put the same number in?

6 Is the Form 8949 generated by TurboTax or something I should get from somewhere?

Thank you.

[whalkides]

Hey I was wondering if you found the answer to your questions?  I have the exact same problem and can't find where to find the information.  I filled my K-1 to the point where it says where I checked "This partnership ended in 2022"  It was for the stock VIX and I had 20 shares ought on 3/22/22 and sold on 3/23/22 and then 25 shares bought on 4/19/22 and sold on 4/20/22.  

So I proceed to put "Complete disposition"

Then "Sold Partnership Interest"

Then I get to "Enter Sales Dates"  Do I put the first sales date and last sell date here??  Or something different?

Then from there where do I get the "Sale Information"  Its asking for Regular Gain or Loss:  "Sale Price" "Selling Expense" "Partnership Basis", "Ordinary Gain:, and "1250 Gain" and then AMT Gain or Loss: " Partnership Basis", "Ordinary Gain", and "1250 Gain"?  Where can I find this info?

Leaned the hard way here to stay away from these types of stocks.  If it helps my beginning capital account is 0, capital contributed 907, net income 0, other increase 0, withdrawals 907 and ending capital account 0.

Thank you for any help!

[hwisungi]

I am in the very same situation, but found no answer. Turbo Tax doesn't seem to be useful here at all. Anyone has clear answers to the questions asked above? That would be very appreciated!