Energy Transfer K1 question

[poprocksncoke]

My wife received an email from Charles Schwab with form 8868 to file an extension regarding an Energy Transfer we had.  She has never had to do anything with this before so we looked through all our paperwork and found a Schedule K-1 from them.  We did not file this with our taxes because we didn't know we had to.  

Question is, do we have to send in this form 8868 Charles Schwab sent us in or did they send it in?  What are we supposed to do next, neither Schwab nor Energy Transfer LP will tell us what we need to do.

[Mike9241]

who owns ET? I'm betting it's in a retirement plan because form 8868 is an extension only for tax-exempt entities such as a retirement plan not your personal return. if I'm correct the k-1 does not get reported on your 1040. look at 20V on the k-1. That's the partnership's Unrelated Business Taxable Income (UBTI). if it's more than $1000 (also any other k-1's that have an amount for 20V) your retirement plan was supposed to file form 990-T and pay the UBIT (Unrelated Business Income Tax). 

since it would seem the retirement plan is at Schwab, usually the trustee does the filing. However, they don't get the k-1.  If filing of the 990-T is required contact Schwab for the procedure. 

anyway, it's too late to file the extension since the 990-T, if required, was due, 4/15/2024, (the 15day of the 4th month after the year end of the retirement plan which would normally be 12/31/2023).

if your UBTI is under $1000 no filing is required. 

[susannawtang]

Send a copy of the K-1 to Schwab via their secure Message center.