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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)

 

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5 Replies

Need help with K1 from Energy Transfer

Also Did I enter box 20 correctlyScreenshot 2024-04-15 152228.pngScreenshot 2024-04-15 152511.png?

Need help with K1 from Energy Transfer

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

Need help with K1 from Energy Transfer

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

Need help with K1 from Energy Transfer

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

DaveF1006
Expert Alumni

Need help with K1 from Energy Transfer

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 

 

 

 

 

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