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I downloaded a K-1 from Enterprise Products Partners (EPD) into my 2024 tax return. The Turbo tax interview then asked me the following question: "In 2023 you received a K-1 from EPD LP. Did you receive that K-1 in 2024?"
Does this question make any sense? Yes, in 2023 I received a K-1 from EPD for the 2022 tax year. In 2024 I received a K-1 from EPD for the 2023 tax year. Of course the 2023 K-1 is different from 2022 K-1. Clearly I did not receive the same K-1 in 2024 as I received in 2023. What is Turbo Tax looking for with this question?
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The program is trying to find out if you received the K-1 from EPD in 2024 like you did in 2023. The reason is if you did, the basic information from the form will be carried over to 2024 so when you go to work on it you won't have to re-enter all of the basic information. You can answer "yes" to the question and it won't affect anything adversely.
Your answer may be correct--thanks. However, assuming you are correct, then the question should be rephrased to something like: "Did you receive a K-1 from EPD in 2024 that has identical general information on it as the one from 2023?" But this still makes no sense. Prior to getting to the query section I had downloaded a 2024 EPD tfx file into my Turbo Tax software. Turbo Tax should have known that I received a 2024 K-1 from EPD. This 2024 file should be an updated version of the 2023 tfx file. Given this they shouldn't replace/update any 2024 data with 2023 data. I'm hoping that someone from Turbo Tax responds and addresses the phrasing of the question and explains its purpose.
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Raph
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Raph
Community Manager
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Raph
Community Manager
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Raph
Community Manager
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Raph
Community Manager
in Events