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Add statement e-file

5 replies
72 views

REPORTING A SALE OF UNITS IN A LIMITED PARTNERSHIP (K-1 1065) USING PREMIER, I NEED TO ADD A STATEMENT TO THE 1040 THAT THE TRANSACTION IS IN ACCORDANCE WITH INTERNAL REVENUE CODE SECTION 751. CAN I E-FILE, OR MUST I MAIL?

TurboTax Premier Windows

rogge1722Answer

Level 10

This is the technique that I suggest to avoid mailing a paper return.

In Forms Mode, bring up the 1040.
Scroll down to line 58 and click on the “Explain “ button next to reporting tips.
This will bring up the “Explanation Statement.”
Type in the info using the following as a guide.

“In lieu of reporting tips, herein is the required statement
pursuant to the sale of Partnership units.
IRC Section 751 Statement
The taxpayer has reported ordinary income upon the disposition
of units of XYZ Partners, LP, as provided by the
General Partner. The amount was determined in accordance
with Internal Revenue Code Section 751 and the detailed
information is available in the offices of the General Partner
upon request.”

Close the form and it will be attached to the 1040 for e-filing.

rogge1722Answer

Level 10

This is the technique that I suggest to avoid mailing a paper return.

In Forms Mode, bring up the 1040.
Scroll down to line 58 and click on the “Explain “ button next to reporting tips.
This will bring up the “Explanation Statement.”
Type in the info using the following as a guide.

“In lieu of reporting tips, herein is the required statement
pursuant to the sale of Partnership units.
IRC Section 751 Statement
The taxpayer has reported ordinary income upon the disposition
of units of XYZ Partners, LP, as provided by the
General Partner. The amount was determined in accordance
with Internal Revenue Code Section 751 and the detailed
information is available in the offices of the General Partner
upon request.”

Close the form and it will be attached to the 1040 for e-filing.

donbonbenAuthor

Level 2

THANKS!