I can't speak to the specifics of MD or NJ, but in general: You may need to file a non-resident tax return in any state where the partnership earned income.  The K-1 should break out what part of its K-1 may be subject to taxation in any given state.  Whether you need to file will depend on the rules and thresholds for each state (they all have different rules). The state where you are a resident will typically require that whatever you declare on your Fed return is the starting point for your state return.  But you may be able to claim credits for taxes you pay in other states, so that you're not doubly taxed on the same partnership income. ... View more

@one_of_the_many That works too, though it should be code C (for revenue and cost not reported to IRS) ... View more

@one_of_the_many That looks fine.  I'm surprised TT will take a negative cost basis, but if it does, great!  ... View more

@one_of_the_many That's a 3rd way to get to the same goal, since you did a complete disposition.  You're objective is to get an additional short term gain of $1,924 into your tax return.  If you enter a gain into the K-1 section of the interview, TT will create a new 1099-B, coded C (for short term revenue and cost NOT reported to IRS).  So you'd have to give TT dates for the purchase and disposition, and then enter $1,924 for the sales price, and 0 for the cost.   ... View more

@one_of_the_many You can't do the last thing you suggested, because you can't enter a negative basis.  But you have a couple options: The 100% completely, obsessively, perfect method would be to adjust the basis of every single trade (you'd have to spread the adjustment based on shares and days owned).  This would be a lot of work and unnecessary. The 'good enough' approach is to allocate the adjustment to a couple of trades where it won't make the basis negative. Since the point of the adjustment is to make sure you pay capital gains tax on the extra $1,924, as long as you're adjustments deliver that result the IRS will be satisfied. ... View more

There should be a sales schedule with the K-1 that shows exactly what your adjustments to basis are.  It may be $1,924, or it may be higher if you also had distributions.   How you adjust your 1099-B will depend on whether its code A/D (basis reported to the IRS) or code B/E (basis not reported).  If B/E, just change the number provided by the broker to whatever it should be. Id A/D, there will be a spot in the interview to make adjustments.  You'll check the "incorrect basis" box and then TT will have you put in the correct number. ... View more

You'll get doubled reporting if you also have the same sale information on a 1099-B from your broker.  Here's a thread that discusses the problem in depth.  Its written around MLPs, that have Ordinary Gains, but applies even if you don't have those:  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/00/776624 ... View more

You can simply delete the forms for this year.  However, when you were entering the K-1s in 2019 you should checked the box that the partnership had ended, which would have marked it as "Final".  If you had, TT wouldn't be asking about it this year.  You don't necessarily need to amend 2019, but should check and see if it changes your taxes:  ending a partnership will free up any suspended losses, which could have reduced 2019 taxes. ... View more

Some K-1 lines and codes are standardized by the IRS and can be automatically handled by TT.  Others, like anything with AH at the beginning, are considered "Other information" and will vary from K-1 to K-1.  They're usually only applicable to certain taxpayers.  So you'll need to determine if they're applicable to you, and if so where in your tax return they need to be entered.   If that's the only information on the entire K-1 then there's nothing that TT can do with it which is why you're getting the "no entry" message. ... View more