K-1s for publicly traded partnerships: 1. How not to double count divs, cap gains (also on 1099). 2. No Sched A attached but need for 199 3. No K-3, company says infor for it on K-1 but I cant figure out

[marilynwsterling]

I have K-1s for 3 publicly traded partnerships.  I have Turbotax Premier desktop. 1. I got a 1099 from Schwab that included the divs. For the one that I sold some, it included the capital loss.  How do I not double count this?   I see people have asked this in the past but dont know how to handle.   2. For one, Turbo tax is asking for info to determine 199, saying I should have received a schedule A with the K-1- but I did not.  I see that the first few lines of the K-1 do give bus income (was a loss for me)  rental income (I had none) but I don't see there there is other income, or the other things it asks for like form 4797.  So what do I put here?  Calling the company didn't help. 3. K-3s.  The other two partnerships (Brookfield Infrastructure Partners and Brookfield Renewable Partners) do not have the K-3 ready but they include a page that says that the info on it can be used to fill out the K-3 answers, which since I dont want to wait till June, I want to do.)  But it doesn't match.  The statement they includes has the following : passive source foreign income and passive source income (divs) sourced by partner.  These are fine and I will put into turbotax. But the only other info it gives is "13ae deductions" and "Partners information for base erosion and anti-abuse tax  Section 59A" well there is alot missing, like other sources of income and deductions (like branch, general ,other) taxes paid, accrued, etc.  so how do I fill this out? Thanks so much

[DianeW777]

It depends. See the answer to your questions below, however you do need the forms and statements to complete your tax return. The information must come from the partnership forms. The fact that they are publicly traded partnerships (PTPs) has significance tax implications to determine what you can actually use on your tax return when it comes to any losses.  If necessary, you can file your return and then later amend, or file an extension until you have all the relevant information to file.

1. Do not enter any interest, dividends or capital gains if they are already reported on 1099-INT, 1099-DIV, or 1099-B. Instead report only the other information from the K1 that is not reported elsewhere such as your Section 199A information and income in lines 1, 2, or 3.
2. Most often when there is Section 199A, qualified business income (QBI) a statement that accompanies the K1 to show you what to enter for either or both of unadjusted basis immediately after acquisition (UBIA) of equipment, and possibly employee wages. If you don't have this contact the agent who sent the K1.
3. Schedule K-3 (Form 1065) reports items of international tax relevance from the operation of a partnership. You must include this information on your tax or information returns, if applicable.

Use the following information to decide if you would like to file an extension.

• How do I file an IRS tax extension?

Be sure to eliminate any underpayment penalty by using the information below to see if a payment should accompany your extension should you decide to use that. 

Generally, you can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of:

• 90% of the total tax after credits for the current year, or
• 100% of the total tax after credits in the prior year
• See one exception below.

You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments you made are timely.

Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year.