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Level 3
posted Apr 15, 2024 1:28:12 PM

Need help with K1 from Energy Transfer

Do I need 4 K1s  as follows?

1 to enter part III of the main info (1st page

and 3 for each entities in the supplemental K1 (ET, USAC, SUN)

 

0 5 1989
5 Replies
Level 3
Apr 15, 2024 1:36:21 PM

Also Did I enter box 20 correctly?

Level 3
Apr 15, 2024 1:51:56 PM

By the way I sold all my shares last year because of the headache at tax time.

Level 3
Apr 15, 2024 2:45:59 PM

On "describe how you disposed this partnership/LLC", What does "No Entry" option mean? Do I pick that or "Complete disposition"

I sold all shares last year through my brokerage account

Level 3
Apr 15, 2024 3:19:16 PM

Another question: Should it be treated as part of a combined business? I have small side gig and report self employment income. 

Expert Alumni
Apr 16, 2024 4:27:14 PM

No. These are two separate business interests. Besides, you do not report an entry in Box 14 of a K-1 in a Schedule C because your share of the profit and loss is reported in Box 14. If it is a profit, you will be assessed a self-employment tax. 

 

You would report this as a liquidation of partnership interest if that choice appears before you, if working in the desktop version of Turbo Tax.  If online, pick Disposed of a portion of my interest in partnership during 2023.  

 

Your Box 20 entries look good especially the ZZ details. 

 

Anyhow, enjoy the remainder of your year. 

 

@tkoin1