Greetings,
Being new to MLP stuff, I really appreciate your help. I've got MMP and EPD, relatively small positions, and the K1 state section shows a combined 40 states between the two, every single one with either "0" or a loss in box 1 (Ordinary Business Income or Loss). I know every state is different as to who has to file, and I'm okay with that. But let's assume even if I have a loss I want to file. The EPD instructions are pretty good for the state portion. So I paid the $45 for one of the states in TurboTax. But guess what, it's not at all helpful - essentially wants me to do the calculation myself. When I open a state Non-Resident return in TurboTax, in the intereview there is a state "Income Allocation" section, it simply asks me to list what amount of each of the major categories from my Federal return are attributable to that state. So for me, the only thing that is attributable to that state is the MLP income. And that goes in the interview category for "Rentals, Royalties, Partnerships, S Corps, Trusts, Etc." So I was hoping you might know what the correct amount for each state is to list. Specifically, if EPD's state information shows in that state's box 1 an ordinary loss of $41, and a Bonus Adjustment of $25 in box 2, does that mean I put a $16 loss down for that state? OR, do I use the Box 5 (Gross Receipts) which is $82. Seems to me that the state is looking for what % of my income came from their state's sources. In this regard, it seems that gross receipts (Box 5) is irrelevant. What they really want its income (or loss) and that must exclude federal bonus depreciation for non-conforming states. Would love to have your thoughts.
