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April 10, 2022
Question

Final k-1 for Atlas Growth Partners

  • April 10, 2022
  • 1 reply
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I received a Final K-1 for a private LP called Atlas Growth Partners which was de-listed in Dec 2021 .  I have entered the information in Turbo Tax and when we run the checks it gives a warning.   It wants me to check the box indicating how the partnership was disposed but the K-1 does not have a code L in box 20 and we do not have a 1099-B for it.   If I check the box our refund is increased substantially but I don't want to risk it if it's wrong.

 

The checkbox has sub-checkboxes that indicate how it was disposed but I don't know that information.

 

How should I enter this?

 

1 reply

April 10, 2022

you may want to check. there have been lawsuits filed against brokers and others who recommended it.  if  that is not your situation

 

 

 

need to indicate final k-1.  

need to indicate the total disposition of ATLAS

 

you need  to determine your tax basis to see if you have a capital loss

 

tax basis

basically what you invested

plus k-1 items of income

less k-1 items of loss

less distributions.

 

 

if you intend to enter into litigation, the loss if any would likely be contingent and not currently deductible.