Thanks for info. I sold a portion of my KMP this year. Will the k-1 properly reflect this? I had heard that if you only sell a portion of your holdings, it presents tax reporting difficulties. Is this true?
It does present reporting difficulties, but I never sold a portion so am hazy on the details. There have been lots of discussion in the past on the InvestorVillage MLP board on this topic. In brief, Turbotax will not handle a partial sale correctly without tricky manual overrides. You'll have to search for the details on the IV board posts.
In addition, selling a portion will not unlock your deferred passive losses, so the tax hit will be relatively higher than if you sold all. However that is an IRS rule rather than a reporting difficulty.