How to submit many purchase dates for K-1 1065 form ?

[rpgptbr]

Hi, first of all I'm new here. My tax filing previous years were pretty simple, but last year I invested in one LP company (using a broker, e-trade) and now I'm trying to learn how to report a K-1form 1065 using the TT online version, but it is not easy at all (and my situation is for only one "asset/partnership shares" I invested).

I read many threads already, some helped me understand some of my questions, but I still couldn't find clear answers.

So, FIRST question, the LP company I invested provided me one file to be imported to TT Premier software, but I see many people reporting that it can be done with the online version. Should I look to buy the software? If I buy it I will still have to pay for the filing itself, or not?

But, my actual question is about filling the information in the "TT wizard interview". The report I received from e-trade (1099-B) brings only the sale of my "asset/partnership shares" (an LP which I made 9 purchases and 3 sales, partially disposed my "shares" in 2019), so it shows as if I had only profit on this investment (which was actually the opposite) and I don't know how to proceed now.

- Option 1: I tried to fill in the information from the 1099-B form, providing the "cost basis" I see in my K-1 form 1065, but I really don't know if this is correct, and most importantly, the 3 items (sales) continues to show as "Need Review" in TT. Is this approach correct, if I find a way to remove the "Need Review"? And how to solve that?

- Option 2: I think the correct option would be to "delete" the "Need Review" entries in the 1099-B form from e-trade (there are 3, related to the 3 sales I made) and focus completely on reporting the K-1 form 1065, which brings the problem of how to report multiple purchases and sales since the "wizard" provides only 1 date to be entered.

- Option 3: Other alternative would be to keep the items reported in the form 1099-B from e-trade and still provide the information for the K-1 provided. In that case I need to make sure that I'm not reporting the same thing twice. It doesn't seem right, but report the full K-1 is not straightforward at all.

So, the SECOND question would be how to provide the required information to TT even though the questions don't make sense (actually, they are missing a lot of information I have in the K-1 for 1065, like the purchase/sale dates)?

I wonder if I should just find a tax accountant, give all the documents (there aren't many), pay it and he will do all the work (easy for me)? Just TT has been always helpful, when possible. Or, I can pay for the "Live" support and, hopefully, they will give me ALL the answers I need?

Thanks a lot in advance!

Rodrigo

[tagteam · Accepted solution]

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@rpgptbr wrote:

I wonder if I should just find a tax accountant, give all the documents (there aren't many), pay it and he will do all the work (easy for me)? Just TT has been always helpful, when possible. Or, I can pay for the "Live" support and, hopefully, they will give me ALL the answers I need?

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Frankly, you most likely would be better off using TurboTax Live,

See https://turbotax.intuit.com/lp/ppc/1271?srqs=null&cid=ppc_gg_b_stan_all_na_turbotax-live_ty19-bu2-sb...

[CatinaT1]

A K-1 (Form 1065) is completely different and separate from a 1099-B.  One does not have anything to do with the other.  If you enter them as they are under the appropriate areas, you shouldn't have any trouble.  You will enter each form individually,

The K-1 is reporting your portion of the Partnership income and expenses.  A 1099-B is reporting stock sales, including when you purchased and sold in order to determine if the gain/loss is long term or short term; the original cost and the sale price in order to determine if you have a gain or a loss.

The easiest way to get to these areas in TurboTax is to use the search feature in the upper right where the magnifying glass is.  Search for 1099-B and then click the "Jump to" link in the search results.  Same with the K-1, but instead search for K-1.

[rpgptbr]

Hi CatinaT1, thanks for the help (also thanks tagteam).

I understand what you say Catina, but it is not clear to enter this information in TT. I understand also why they should be considered separate things, individually. I think in that case I still need to fill in the information about the 1099-B and the K-1.

It does make sense, but still not easy, not clear how to fill in the information. My 1099-B shows as if the cost of the "asset/share" I bought cost was 0, then it shows as the entire sale as a profit, which is not correct. And I don't know how to fill the purchases (9 purchases in total).

At the same time, how to enter the information of the K-1 in the "interview wizard", it doesn't show clearly how to enter the many purchases. Unfortunately, the steps are not straightforward. Do you happen to know how to enter the information from many purchases? Is there any documentation anywhere showing one example?

Thank you very very much!
Have a great day!

Rodrigo

[CatinaT1]

I'm not sure what you are referring to when you say many purchases and referring to your K-1.  Are you sure you have the right K-1 (1065) selected?  There are three different types of K-1's.  TurboTax will walk you through the entries on your K-1, box by box.

Since you have TurboTax Live, you may be best served by calling in and talking with an agent that can screen share with you and help you screen by screen.

[rpgptbr]

Hi, yes, I did that!
I regret investing on those LP companies that gave me the K-1, it didn't worth it. I will not commit that mistake again! 🙂

I'm working with the Live team, I just finished to upload all the information. I added a "various" to the dates of purchases and sales as instructed by TT, now they are reviewing my filing to confirm things are correct and we should close it in the following days!

Thank you very much again!

Have great day!