Does anyone have suggestion on how to find an MLP K-1 Expert? Be nice to find one online that charges per hour. But it has to be a true expert and fully understands all the box and subcodes and which losses I can suspend into the future.
My MLPs for this year have been the worse ever to figure out.
Box 11H Subpart F Income other than Section Sections 951A and 965 Inclusions -Where does this amount go? TT does not put it anywhere.
Now it gets really tricky:
I am totally confused by the amount in Box 11I and hopefully someone can explain it to me. I just bought this particular MLP OZM at the end of 2018 and owned it for less than 2 months and I own less than 20K of this MLP, yet there is over $6,000 in other income reported on Box 11I other income. And all I see looking at my brokerage account is around $250 in dividends from this MLP. If I owe taxes on over $6,000 in other income when I only received $250 from this MLP this has to be the worse MLP ever!
Box 11I Other Income (Loss) is broken down into and where I think they go:
Net Ordinary Income from ......... Schedule E part II
Total Ordinary Trade or Business Divividends 1040 Ordinary Div.
Trade or Business Capital Gains (Losses)
Net Short- term Capital Gain (Loss) Schedule D
Net Short Term Capital Gain (Loss) - Reclassified from Net Long-Term Capital Gains (Loss)
Net Long-Term Capital Gain (Loss) Schedule D
Both Net Short-term Capital Gain (Loss) and Net Short Term Capital Gain (Loss) - Reclassified from Net Long-Term Capital Gains (Loss) are large amounts and I only owned this MLP for 1.5 months in 2018.