I have a somewhat unusual problem, which I am hoping someone has some general guidance.
I own units (shares) of a Publicly Traded Partnership which issues a K-1. The units are actually in two separate brokerage accounts. One account is a personal account (my own), and the other is a joint account. Both accounts use the same social security number for tax reporting purposes, since I file a joint return.
Unfortunately, years ago, TaxPackageSupport, which does the back office work to issue the K-1, said the two accounts have to be combined on a single K-1 because both have the same Social Security #. I have found since with other PTP’s also handled by TaxPackageSupport allow separate K-1s in this situation; i.e. where the title /ownership is different separate K-1s are issued even though the SS# is the same.
So I would like to get the two accounts separated into two separate K-1s to reflect the separate ownership/title. I have reviewed the TaxPackageSupport activity files, and can help them separate the historical units and costs into two separate K-1 accounts. I assume they will do this and start to issue separate K-1s in the future (next tax reporting year).
Assuming that TaxPackageSupport will separate the accounts, my question is generally how to proceed in TurboTax. I think I would do the following:
This results in two K-1 accounts with the loss history, allowed losses, etc. divided between the two of them with the total the same as it was. Assuming TaxPackageSupport then issues 2 separate K-1, it should fit in OK.
Having fully paid all taxes using the single K-1 representing the total, I would not refile or amend earlier year taxes…..just make the change on a going forward basis; i.e. next year’s tax return.
I am unfamiliar with how all the QuickZooms and sub worksheets that work with the TT K-1, so the general question is there any guidance on how best to accomplish splitting the two accounts?? Any and all help appreciated.
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The only linkage TT maintains from year-to-year, for K-1s, are the screens that ask you for carryovers from prior years. You can edit those in any way you want, so from a TT perspective splitting the K-1s is simply splitting the prior year values on those screens. Note that TT isn't going to check any of the assumptions you make: it'll accept whatever you input.
The only linkage TT maintains from year-to-year, for K-1s, are the screens that ask you for carryovers from prior years. You can edit those in any way you want, so from a TT perspective splitting the K-1s is simply splitting the prior year values on those screens. Note that TT isn't going to check any of the assumptions you make: it'll accept whatever you input.
Thanks. That is pretty much what I expected. I will have to experiment a bit and see how and where best to make the changes. I need to be careful to make sure that TT doesn't register any overrides as errors in the final check. Thanks again.
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