I have 2 K-1 statements that each require an IRC Section 751 Statement.
I have been advised by other TT experts that I need to write out a document with certain information on it and send these 2 documents when I file my taxes.
In researching other posts on this matter, it seemed that I would be unable to eFile my taxes because of this statement and I would need to submit my taxes through regular mail.
However, I found 2 posts that have other suggestions:
- One post states that I can eFile my taxes (via TT), BUT also fill out another Form 8453, and send it (along with Form 8949 and my Section 751 Statements) by mail 3 days after my Efile was accepted:
https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-enter-a-section-751-statement/0...
- Another post states that I can eFile my taxes including the Section 751 Statement:
https://ttlc.intuit.com/community/business-taxes/discussion/can-i-e-file-a-form-1041-and-mail-in-an-...
Are either of these methods correct, and/or is one preferred?
And if I have 2 Section 751 Statements, can I submit both of them this way, and/or do I need to combine them somehow?
Also, both of my K-1 packages came with a piece of paper that also states that I "must attach this IRC Section 751 Statement to your 2024 tax return." The paper is titled IRC SECTION 751 STATEMENT and contains the blurb:
The taxpayer has reported ordinary income upon the disposition of units in....The amount was determined in accordance with IRC Section 751. Detailed information is available in the offices of the General Partner upon request.
I was told I do not need to actually attach this piece of paper to my tax return, but instead, will need to create a document with the necessary Section 751 information, and submit that document instead...correct?
