Received 2 k1's for same PTP held in joint account. PTP ended in 2018. One has sales schedule, other does not. How do I correctly enter everthing and carryover losses?

[Preal10008]

I have not yet Get my text re fun yet Can you tell me where is my refine is thank you

[Critter]

The IRS no longer processes returns in first in first out batches. They are processed individually so returns sent in at the same time will not necessarily process together. The IRS states that 9 of 10 returns will process in 21 days or less. However considering that the IRS processes more than 140 million returns that means 14 million will be delayed for more than 21 days. 

Think of the IRS process as a long pipe line. Some returns will be rejected before being allowed into the pipe and the rest will be accepted. Then once accepted into the pipeline many will process directly through without any delays and some will not.  Some returns will be siphoned off for further review of some kind. The basis of what triggers these reviews is a well guarded secret but some are just picked randomly every year.

Some reviews are automated and some will require human attention. The processing times will vary but, due to the continued  understaffing situation it could  be much longer this year. 

First -- verify that your return has been filed and accepted --  then check the fed web site to see where you are in the process-

Check Your E-File Status on this Secure TurboTax website
https://turbotax.intuit.com/efile/efile_status_lookup.jsp
- It will show the date you transmitted your return and if it was accepted or rejected.  
- Both your Federal and State will be listed separately if you filed both.
- It will tell you when you E-filed
- The electronic filing date

See the following TurboTax support article on checking your e-file status - https://ttlc.intuit.com/questions/1908859-how-do-i-look-up-the-status-of-my-e-filed-return

For the Feds:

http://www.irs.gov/Refunds/Where's-My-Refund-It's-Quick,-Easy,-and-Secure.

http://www.irs.gov/uac/When-Can-I-Expect-My-Refund%3F

If the return has been processing for more than 21 days then you can call the IRS …

Call the IRS:  1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday

When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line.  

So after first choosing your language, then do NOT choose Option 1 (refund info).  Choose option 2 for "personal income tax" instead.

Then press 1 for "form, tax history, or payment".   

Then press 3 "for all other questions."

Then press 2 "for all other questions."  It should then transfer you to an agent.

Or you can contact your local IRS office.  See this IRS website for local IRS offices - http://www.irs.gov/uac/Contact-Your-Local-IRS-Office-1

If it's been more than 90 days since the return was accepted  then you can ask for help from the Tax Payer Advocate office:

At the following IRS website, find the USA map and click on your state, and it will give you the number of your IRS Taxpayer Advocate.

http://www.irs.gov/uac/Contact-a-Local-Taxpayer-Advocate

If you are unsuccessful with the Taxpayer Advocate for your area, you can also try the special IRS phone number for the Taxpayer Advocate Service at 877-777-4778.

More info on the Taxpayer Advocate Service:
http://www.taxpayeradvocate.irs.gov/about/who-we-are

http://www.irs.gov/Advocate/Taxpayer-Advocate-Service-6

Also see this article for more info on how the Taxpayer Advocate Service works:
http://www.irs.gov/taxtopics/tc104.html

[Anonymous]

is everything the same on the 2 k-1's .  sometimes what happens it that a PTP merges with another PTP.  then you get 2 k-1's one for the original and one for the merged.    there should be different ein's or names and the numbers should be different.         if you use the online version of TT you will need premier.  if you use desktop any version should work

for each k-1's (if in fact they are not the same)  enter each one separately on a partnership k-1 form indicate they are final and that they were sold.

for the one without the sales info use the quickzoom  got to part 2 to fill in sales info.  use sales price of 0 and basis as 0 (when there's a merger the cost basis of the first is transferred to the second)

on the second do the same except for the sales price use the ordinary income reported on the sales schedule and o for the cost.

here's the difficult part,  your broker will report the sale to the IRS but not the tax basis. the 1099-b will show a cost but that will not be correct because partnership activity that affects basis is not taken into account.

you can use the sales schedule to compute your tax basis for determining capital gain/loss on sale

or 

how to compute tax basis short method.   in section L of the k-1 that has the sale you will see various info assuming tax basis is checked proceed as follows

add beginning capital, capital contributed  one or the other may be 0)  if the current year increase (decrease) line is positive add it other wise subtract. also subtract the amount in box 19A (this may be 0) this is your tax basis before taking into account any income recapture reported on the sales schedule.  add the income recapture reported on the sales schedule.  this is your tax basis for determining gain or loss and goes on form 8949.

the long method is to take each k-1 and ad or subtract each item affecting basis.

if tax basis isn't checked in section L then the long method may be needed.  

if you used TT in prior year,when you start 2019 and transfer data from 2018, (transferring data must be the first step taken before starting return this will transfer the carryover numbers.

if you did not use TT in 2018 the k-1 input contains section A where you can manually enter it.