turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

donbonben
New Member

Add statement e-file

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?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Add statement e-file

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.


View solution in original post

5 Replies

Add statement e-file

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.


donbonben
New Member

Add statement e-file

THANKS!

Add statement e-file

I am using TT Deluxe.  I was able to create the explanation by updating Sched2 in 1040 worksheet, but it never showed up in the final forms.  I did not have Sched2 generated so I gather the explanation was not carried over.  Form 1040 did not have a line 58 so I used the worksheet.  Was that incorrect?  How do I get the explanation page to be included with all the other forms on my final tax.  Thanks.

DavidS127
Expert Alumni

Add statement e-file

That instruction for Form 1040 line 58 is for a year prior to 2018; the 2019 date of the post is due to a conversion of Community system data in June 2019.

 

There is not a way to attach a statement to an e-filed tax return; a return needing an attached statement not specifically included in TurboTax must be printed and mailed with the statement.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Add statement e-file

There is no line 58 in the 1040! 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies