K-1 from The Blackstone Group LP and how to input in TT?

[nexchap]

@-tax-prep-2018onTT is hit or miss on Notes.  In some cases, where there's a number with a well-defined code that enough users run into, you'll be able to enter it in and TT will route it to the correct place.  In other cases, TT will let you enter in a number, but then does nothing with it (usually there's info to that effect in the Forms view, where TT tells you that you need to handle the info yourself).  And in the final case, where there's no code and you just have informational notes, each note is likely to be a unique adventure.

Since each note can impact entirely different parts of a return, and will draw on different people's expertise, I'd suggest posting those as separate questions rather than burying them in this thread (I'm heading off grid for several weeks, so won't be seeing anything for a while). 

[Critter]

Just my opinion ... all of these PTP investments should be in IRA accounts ONLY then you don't have to mess with them at tax time ... one of my local brokers got all his clients in them and I have been educating the clients we have in common to ONLY buy them from inside their IRA accounts although I can't see why anyone would buy in since they always seem to run at a loss every year.

[Anonymous_]

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@Critter wrote:
Just my opinion ... all of these PTP investments should be in IRA accounts ONLY.....

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Exactly. At least, 2019 will be the last year investors have to deal with Blackstone since they changed their structure effective July 1st.

[-tax-prep-2018on]

Yikes, Hitting snags all over trying to get the Blackstone K-1 info through TT using Easy Step process.  

I'm creating 4 different Partnership K-1s for Blackstone, per this strategy—one for Box 1 and everything else EXCEPT Boxes 2, 16F & G, which will all get their own form with just those numbers. Easy Step wants me to designate "TYPE OF ACTIVITY"—what box should I check for 16F & G forms??? Business, Rental Real Estate, Other Rental, Other? 

Thanks to anyone who can answer this...

[hrb1]

I ended up with 4 separate K-1 turbo tax entries for my 2018 taxes. 

Line 2 only

Line 1, 16M, 16F

Line 1, 16G, 16N

Line 1, everything else except line 2, 16F, 16G, 16M, 16N

I now have no errors.  Was it just trial and error?  Who cares....it worked!

[pilotgal8]

You MUST report each type of income (business and Rental on a separate K-1 to IRS.

This is an IRS RULE

 NOT TT

Just follow the excellent guidance here.

No other DIY software is anywhere close to being as easy as TT.