I have a Blackstone (ptp) K-1 which has amounts in 11A2, 11F and 13W which say they may also need to be entered elsewhere in TurboTax. How do I find out?

[WP1]

11A2 Section 988 Gain (Loss)

11F1 Other Income (Loss) 

11F2 Section 987 Gain(Loss)  

11F3 Short Term Capital Gain (Loss)  

11F4 Long Term Capital Gain (Loss)  

11F5 Deferrend Income included under section 108(I)(1) ir 108(I)(5)(D)(I) or (ii)

11F6 Subpart F Income

11F7 Section 965(a) Amount

13W1 Interest Expense on Debt Financed Distributions

13W2 Other Deductions

13W4 Participation Exemption Amount

And how do I make sure they are not already included where they should be?

Also I did receive a 1099-B for this PTP as well so is it necessary for me to add it anywhere else?

[Anonymous]

unfortunately the partner instructions many times do not spell out how or where to enter certain items 

however for line 11 items you need to use the quickzoom to get to the screen to enter them  

i've seen many comments on where to enter section 988 items (foreign currency income) - 4797, line 21, schedule e - personally i use 11a4 and describe as section 988 (note the line sub numbers (like 2 in 11a2 are arbitrary - 11a2 in tt is REMIC income

same issue 11f1, 11f2, 11f5, 11f6, 11f7 , i use tt line 11f5 and describe as other and section 987 income

11f3 and 4 use those lines in TT these are non-portfolio capital gains/losses

13w1 

 interest expense on a debt financed distribution is subject to tracing rules. The burden of deductibility is up to the individual partner (not the partnership) who will be required to individually trace what the proceeds from the distribution were used for to determine if such interest expense is deductible. The use (or what is referred to as expenditures) can be classified as either trade or business, personal, investment or passive activities expenditures. The rules applicable to each expenditure category will govern how, when and if the interest expense allocated to such category is deductible. 

13w2 and 3   not much info given but properly belong on schedule A.   i do not enter these on the k-1 but directly on schedule A as deductions not subject to 2% limitation - described as other deductions from k-1

13w4- participation exemption amount - read page 3 of the supplemental schedule under deemed repatriation of deferred foreign income   - irc section 965.  (this amount is not included in schedule L)  - i didn't enter it.    

[WP1]

These amounts are in addition to what is included in my 1099-B, correct? I do not want to pay on the amounts twice...
Can I have more than one description and amount under 11A4 and the others? I have Other income and the Section 988 gain...do they both get reported under A4? I am assuming the same answer will apply to the 11f's and 13w 2 &3
This K-1 is for an investment into a PTP if that makes any difference...

[TomYoung]

On page 2 of the Schedule K-1 all of these refer to "See Partner Instructions".  What that means is that you need to read the IRS's "2017 Partner's Instructions for Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc." that's available here:  https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf and make your own determination as to what to do. 

This is not an area where TurboTax can really help you as it involves knowing information TurboTax doesn't know and can't easily ask you about.  If you determine that additional entries are needed in other parts of your income tax return then one way of entering them is to use the appropriate interview.  Or, you could resort to using "Forms Mode" to make some entries.

Tom Young

[WP1]

Would entering it manually in forms be duplicating income that has already been entered in as a 1099-B? That is my main concern

[TomYoung]

Since you have the desktop version of TurboTax all the Forms, Schedules and Worksheets comprising your income tax return are always available to you.  You simply go to Forms Mode and look.to see where and if TurboTax has placed those amounts somewhere where they shouldn't be, or if those amounts are not in your income tax return at all.  

[Anonymous]

reporting the sale of a PTP is a little complicated but I will try to simplify it for you

the Broker should have reported the sale in the section which says the cost basis was not reported to the IRS.   this is because the only info they know is what you paid for it. income/losses/credits/distributions are not reflected becuase they don't get that info

so Blackstone should have provided you with a sales schedule to allow you to compute the correct gain/loss------

you will need to fill in the sales proceeds (say column 4) and original purchase/cost  amount ( say column 5) (NOTE  a different number would be required if the stock was inherited or there was a previous wash sale that affects current basis) 

there will be a column prefilled with cumulative adjustments to tax basis  (say column 6) (this is income/loss/credits/distributions since you held the PTP) 

next you need to compute the total gain or loss  (say column 7) if column 6 contains positive numbers add the amount  to column 5 amount, if column 6 has negative numbers net column 5 and 6  .   this is your tax basis

subtract the tax basis from the sales price in column 4 to arrive at column 7.  this is your total gain or loss

next see if there is a column labeled ordinary gain (say column 😎 if all zeros or not present column 7 is all capital gain - but you need to determine short-term and long-term. if there are amounts in column 8 reduce the total gain column 7 by this amount. the remainder is capital gain

now that yo know what the capital and ordinary gain are you need enter the amounts in the proper place on the k-1 and 1099b

in forms mode look at the k-1

there is a section final/amended k-1 - you need to complete it.  click on the quickzoom icon to enter disposition information.  you should now see part II disposition of partnership interest answer questions 1 through 4

line 5 and 7 enter $0 enter the ordinary gain, if any from column 8 on line 9.  

you are now done with the k-1

one more step.  if you imported the security transactions from your broker, you will need to change the cost/tax  basis to what was computed - see above.   if not you'll need to manually enter the sales info.     

[WP1]

I have other K-1's that were simple, its only this one causing me a headache. So if I am understanding what you said above correctly, it sounds like I don't enter all the supplemental schedule information as we originally talked about? Or do I still enter those as well? (the amounts in the 11a's and 11f's as we first discussed) I entered the 1099-B as was received (do I need to adjust to the column 7 gain instead?) and have done what the quickzoom information and entered the 0's in line 5 and 7 for the disposition information. Nothing is imported it is all self entered. I think I am finished but want to make sure I have done it correctly.

[Kell7]

What about the K-1(1065) received, that has "Capital Account" and "Partner's Share of Liabilities", it is my understanding that these two items added together are your adjusted cost basis? Or does the capital acct. take into consideration return of capital that has occurred while owning? If so, do you not remove that from your cost basis until your basis reaches zero?