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Get your taxes done using TurboTax
@Willard131313 That's very difficult to answer without a lot of detailed data about your taxes. But there are a couple ways you can review your forms to answer it.
- Its easy to experiment with TT. Make a copy of your tax file, and then play a little. Do a version with everything EXCEPT the MLP entries, and then another version with the MLP entries, and look at exactly which lines and forms changed.
- Look specifically at forms 4797, Sched E, and Sched D and the entries coming from your MLP. Sometimes this can be a little trickier than the first method, since its not always obvious where some of the MLP stuff lands.
Either way, I'd suggest digging into it to make sure you understand why you got your results. I've found that TT's automation makes some parts of tax prep truly simple, with little need need for detailed verification. Unfortunately, MLPs are not one of those areas: you can definitely get correct results with TT, but it requires the same attention to detail that you'd use if you were filling out each form yourself.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 18, 2021
8:47 AM