Here are my basic questions.
The K-1 package includes a Schedule K-1 for for Energy Transfer LP.
On a separate page, there is Supplement K-1 information for three entities: ET (has a line for Ordinary Income and Rental Income), USAC, and SUN (has a line for Ordinary Income and Rental Income.
Since I am at a complete loss . . . is there someone who can tell me how I enter these.
Just an easy step-by-step.
So far, I have entered the main K-1 with everything filled in. I then entered K-1s for USAC, and SUN, but was unsure if I had to do ANOTHER K-1 for ET that is listed on the supplemental page.
Please help. I need a large sedative to continue trying to do these K-1s.
Any help appreciated.
The one K-1 may be reporting multiple business activities within the one K-1. The supplement may be reporting one or more business activities or entities that are reported under the one K-1.
In TurboTax Online Premium, at the screen Choose Type of Activity, select This K-1 reports amounts in more than one of boxes 1, 2, and 3.
The instructions read:
Since your K-1 reports amounts in more than one of boxes 1, 2, or 3, the partnership/LLC is involved in more than one type of activity. You should treat each activity separately in TurboTax.
Enter the business activity amount, box 1, on one K-1
Enter real estate rental activity amount, box 2, on another K-1
Enter other rental activity amount, box 3, on a third K-1.
In your case, you may should be able to enter two or more business activity amounts that are reported on one K-1. Hopefully, your attachments will provide all of the additional information that you need including EIN numbers, if necessary.
You may find that individual section 199A information is reported for each business activity. You may find that the entries on the K-1 are actually reported on two K-1 entries into the TurboTax software.
Original K-1 EIN 1 EIN 2
Box 1 $1,000 = $1,000 $0
Box 2 $500 = $0 $500
Box 4 $100 = $75 $25
Box 5a $200 = $150 $50
Box 5b $100 = $75 $25
W-2 wages $50,000 = $25,000 $25,000
UBIA $100,000 = $50,000 $50,000