Thanks Mike9241.
Below are the figures of the K1. Please note that the partnership (not a PTP) gave me an income of 1,300. According to what you wrote and what I did in TurboTax, I have a similar amount to the taxman, which mean I have no profit. In this case no point to invest in it, correct? Am I missing something?
Here are the figures:
- Ordinary business income (loss): ($1,800) - The partner's share of the partnership's operating loss.
- Interest income: $3,130 - Interest earned by the partnership.
- Ordinary dividends: $380 - Dividends received that are taxed at ordinary income rates.
- Qualified dividends: $125 - Dividends that may qualify for lower tax rates.
- Dividend equivalents: $5 - Often related to certain financial instruments.
- Net short-term capital gain (loss): $2 - Profit from the sale of assets held for a year or less.
- Other income (loss): $3040 - Income from sources not categorized elsewhere.
- Section 179 deduction: $12 - An expense deduction for certain business assets.
- Other deductions: $1050 & $175 - Various expenses deducted by the partnership.
- Alternative minimum tax (AMT) items: 3 - Items that may be relevant for AMT calculations.
- Tax-exempt income and nondeductible expenses: 3 - Income not subject to tax and expenses that cannot be deducted.
- Distributions: 25 - Cash or property distributed to the partner.
- Other information: 3,11 & 12 - Likely refers to additional details provided in attached statements.
- Foreign taxes paid or accrued: 12 - Taxes paid to foreign countries
