topic Re: MLP data enter into k1 in Get your taxes done using TurboTax

MLP data enter into k1

Anonymous — Mon, 14 Oct 2019 01:52:20 GMT

I am trying to enter MLP partnership data into K1 in Turbo tax.

Once I start k1 it has Box 1 (business) or Box 2 (rental real estate) checked. I can only check one. But k1 has both numbers in box 1 and box 2.

I checked box 1 entered info and went all the way. Then got back to enter box 2 but then box 1 info was gone.

How do I handle it?

Re: MLP data enter into k1

Anonymous_ — Mon, 14 Oct 2019 02:00:47 GMT

@Anonymous wrote:

How do I handle it?

In TurboTax, you have to treat a K-1 with figures in Boxes 1 and 2 as if you received two K-1s. You already entered the figures with the amount in Box 1 and now you simply need to enter the figure from Box 2 (as if it is in a separate K-1).

The simplest method to handle this is to enter all of the figures from the K-1, including the figure in Box 1, and then enter the second K-1 by only entering the figure in Box 2 (and nothing else since you already entered the figures on various lines when you entered Box 1).

Re: MLP data enter into k1

Anonymous — Mon, 14 Oct 2019 02:07:11 GMT

In some K1 box 2 is empty and in some they either list some amount or list 0. If amount is 0 then there is no need to enter 2nd time?

Re: MLP data enter into k1

Anonymous_ — Mon, 14 Oct 2019 02:09:00 GMT

If there is a zero, you do not have to enter it a second time.

Re: MLP data enter into k1

Anonymous — Mon, 14 Oct 2019 02:12:56 GMT

Thanks.

Situation is I has sold that MLP. If enter second time for box 2, it has lot of questions before box 1 or 2 like sale price, gain / loss .

Would it not get me twice capital gains?

Re: MLP data enter into k1

Anonymous — Mon, 14 Oct 2019 02:16:10 GMT

I owned MLP WPZ and it merged with WMB.

On K1 they list as EXCHANGE but I also got capital gains and adjusted gain info in supplemental sheet. They told me for tax purpose it is a sale.

How should I answers earlier questions like partnership ended or disposed of my portion in 2018? or sold my units?