So I bought a lot of MLPs in 2020 (about 20) and they are all going great despite the recent hiccup.
But its K1 time now and I wonder how dilligent I have to be entering all the information into Turbo Tax. I don't even quite understand how it's used.
As I understand it, the unit distributions are of course tax deferred so it does matter to accurate disclose by basis and sales price so the recaptured tax can be calculated accurately.
But does entering out what was in Box 8, 12, and all those Z's in box 20 really matter? Will I get audited over it.