K-1 Sales Schedule Column 7 Adjustment

Forum|Forum|1 year ago
June 1, 2024
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I made a partial sales of an MLP. I reported the sales proceed during the K-1 Q&A session in TT. In Column 7 of the Sales Schedule section of the K-1, the instruction said to enter the number in Column 7 as a negative number in Column (g) of Form 8949. But in the Q&A session, I cannot find a place to enter Column 7. My questions:

1. Should I just go to "View Forms" in TT and enter the number in Column 7 as a negative number in Column (g) of Form 8949 directly?

2. If Answer to Question 1 above is affirmative, What Code should I enter in Column (f) of Form 8949?

Thanks.

Best answer by Mike9241

column 7 of the supplemental sales schedule needs to be entered in the sales section of the k-1. it's ordinary income that should flow to form 4797 line10

this ordinary income increases your tax basis in the partnership. your options are to add it to the tax basis reported n column 6 (column e on the 8949) or enter as a negative number in column g on form 8949. use code B for column f

the broker's 1099-B does not report the correct tax basis.

Mike9241Answer

column 7 of the supplemental sales schedule needs to be entered in the sales section of the k-1. it's ordinary income that should flow to form 4797 line10

the broker's 1099-B does not report the correct tax basis.