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Returning Member
posted Dec 13, 2020 6:46:52 PM

Can Turbotax handle MLP's easily?

I am planning on buying EPD (Enterprise Products Partners)...will Turbotax handle the tax consequences of the distributions easily?

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1 Best answer
Level 15
Dec 13, 2020 7:46:36 PM

You will likely only need to enter information from the K-1 you receive until you dispose of your interest in the MLP and TurboTax can handle K-1 entry easily.

 

Note that you will have to buy at least TurboTax Premier if you are planning to use an online version of TurboTax.

 

The thread below has some good information on MLPs and even EPD in particular.

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-all-your-shares-were-held-long-term-or-short-term-th/01/1749939#M57636

1 Replies
Level 15
Dec 13, 2020 7:46:36 PM

You will likely only need to enter information from the K-1 you receive until you dispose of your interest in the MLP and TurboTax can handle K-1 entry easily.

 

Note that you will have to buy at least TurboTax Premier if you are planning to use an online version of TurboTax.

 

The thread below has some good information on MLPs and even EPD in particular.

 

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-all-your-shares-were-held-long-term-or-short-term-th/01/1749939#M57636