Energy Transfer Partner K-1 questions

[LHoch]

I have a lot of ZZ codes in Box 20 that will have no impact on my return as I live in a state that does not have a state income tax and this is not in a IRA/Roth or Tax Exempt ownership.  These are Box 20 ZZ1, ZZ2, ZZ3, ZZ4 ($0 on all 3), ZZ5, ZZ6 and ZZ7.  Since they will have no impact on my return I assume that these do not need to be entered but want to confirm.  

Also I have a Box 20 ZZ8 that is "Partner Basis Items and Remedial Items for Section 163(j).  Will this have any effect on my taxes, does it need to be entered and if so where?  

I appreciate any help I can get on this!

Thanks

Larry

[DaveF1006]

This will have no impact on your return. Box 20 ZZ8 reports an amount of business interest expense you may be able to take but since this is reported in a k-1, the only place you may enter it is on a Schedule A.  This type of business interest is no longer deductible on a federal return but may be deductible on  state return.

If you wish to claim it, you need to fill out form 8990 that Turbo Tax doesn't support to figure out how much can be claimed after a Section 163(j) limitation is applied. The return would need to be paper filed both to the federal government and the state. If the amount is really small, you may wish to disregard this as it won't have an impact on your return.

@lghochstattertaxes 

[wjschermer]

Same question, just to clarify. My ET Schedule K-1 resports $130 on line 13K, Excess Business Interest Expense. I have no idea how to fill out form 8990. Can I just choose not to fill out the form?

[ThomasM125]

The excess business interest expense listed reflects business interest not available for a deduction in the current year. You would have to list it on Form 8990 in order to carry it over to next year. If you aren't concerned about that, it would likely be OK to skip the Form 8990.

@wjschermer

[ghirata]

I wanted to clarify on that answer. I don't care about the $27 in the 13 (K) box. So, if I don't want to claim that deduction next year I can just skip the 8990 form, but should still fill in the $27 in 13(K) box?

@ThomasM125 

I appreciate your help.

[ThomasM125]

That is true, if you don't want to take the deduction you don't need to complete Form 8990, but you can still list the $27 entry in box 13.

@ghirata 

[Don G]

Wonder why taxpackagesupport does not have a download for TurboTax?

[PatriciaV]

TurboTax doesn't support the import of Schedule K-1 for any current versions of the software. That may be why you're not seeing a download from taxpackagesupport.

@Don G 

[Don G]

TurboTax for years will import a TXF file! You have to have the premium version now.  I downloaded TXF k-1s for USAC,MPLX and imported, no problem. I called package support and they said its up to the company to have the TurboTax file available to download.  I also have downloaded others over the years. ET has been the only exception so far. 

[PatriciaV]

You are correct.  You can import a .txf file into TurboTax for Desktop only. There is no import function for TurboTax Online.

Read more: How do I import from the .txf file?

[skyeye4444]

I am aware that K-1 Part III. Line 13 K. EBIE triggers the need to file Form 8990 for a limited partner in a PTP.  Are there other codes , particularly Line 20 which also are entered in/or trigger  Form 8990?

Thanks,
Gary

[Mike9241]

Nothing you enter in TurboTax will create Form 8990 because TurboTax does not do it. You'll need to complete it yourself and mail your return. There is no way to attach a manual form to the e-file. 

form 8990 and instructions 

[skyeye4444]

Sorry, that wasn't what I was asking.  One requirement to file Form 8990 is to have EBIE Line 13 Code K.  I was asking if any Line 20 Code items also trigger the necessity of filing Form 8990, e.g. 20AE- Excess taxable income, or 20 AF-Excess BIE, etc.  or any others which require Form 8990 to be filed.  I know that 8990 must be filed outside Turbo Tax.