Add statement e-file

[donbonben]

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?

[rogge1722 · Accepted solution]

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]

THANKS!

[ClaireT6]

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]

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.

[rhugg3]

There is no line 58 in the 1040!