Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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I sold a MLP (ETP) last year - I had bought it in 2009 and reinvested dividends quarterly. It was held in a joint brokerage account to Vanguard and I received a 1099-B from them, which I entered in TT. I also received the K1 from the MLP, which clearly indicated I had sold all shares last year. I went through the usual interview sequence in TurboTax, but at no time did TT ask me if I had sold the shares in 2013. I think a form 4797 is involved but my return does not include said form after inputting the 1099-B and K1. I've no confidence at this point in TT. This just happened today so I've done little research, but I'm asking this community for anyone's experience that might help focus my search. I have a rudimentary understanding of MLP sale taxation and expected TT would handle the sale transaction with ease. Any help/insight is greatly appreciated. thanks in advance.
You have to go into the K1 form in TT (just below Part II in the Final/Amended section) and tell it you made a complete disposition of your interest. Hit the "quick zoom" button in that section, enter the purchase and sale dates and the amount of ordinary income from the Sales Schedule. That should fill out Form 4797 and apply any unallowed losses from prior years. You will have to enter the (CG portion) in Sched D. The Sales Schedule gives good directions for figuring the amount of your Cap Gain. Enter the sale such that the proceeds from Form 1099B are the proceeds and figure your basis by subtracting your CG amount from the proceeds to get your basis. TT used to fill out the Schedule D piece but no longer does. Feel free to PM me if you need more help