Now that you mention it, I remember that the txf file didn't fill all the boxes correctly. Thanks for the clarification. I didn't see txf files for 2012 so maybe that is why txf files weren't provided.
You didn't understand arb's comment.
Yes, yuo can import the txf file, however it does not import every number on the K-1. If you read the instructions for the download, it tells you that certain boxes are unable to be imported.
Some of those boxes which is does not import may give you deductions, so if you don't go through the interview after importing and enter the other boxes manually, then you may be paying more tax than you need.
And since you need to go through the interview anyway to enter those missing numbers, it makes the txf import of limited value, except for minimizing typos.
I have *.txf files from 2011 for ARLP, EPB, ETP, LINN, NS, OKS and TCP. I don't remember precisely but I believe I was able to import the K-1 directly into TurboTax using these files.
What are you talking about? You cannot import all the numbers from Tax Support so don't import any of them. Simply type EVERY number in your computer program. The only difference from a regular MLP entry is you do not need an address and you do need to put /Ref ETE in the title. And you do not have a capital account to work with or worry about.
FOLLOW the DIRECTIONS.
It is actually very simple. Either download the numbers from K-1 support of create a separate for ETE K-1 as instructed using the second K-1 page for each company. Reference the secondary K-1s to ETE and you are done. The only thing you need to do separately is keep track of the loss carry forward for ETE using the original consolidated K-1. You need that number when you sell to take your passive loss.
The reason for the confusion is ETE owns over 5% of every other company and thus you technically own part of each. Jrad, if you are an accountant you know the requirement for partnerships. You also know that EPD bought out its GP, bought out DEP and sold its interest in ETE so all the confusion there is over. People need to read the directions. Most do not and simply start to enter numbers. If one uses TTax the whole process should only take 15 minutes and less for next year.
Also read the statement. Am sure most if not all the numbers when totaled are negative. Do you pay taxes on negative income? I do not.
I'm also using Turbo Tax. If I actually do separate K1's for all 5 entities, I'm not sure what to put for Part II K and L. If I put the same figures for all 5 does it matter, or should I just use the figures provided in these lines for the ETE K1 and put zeroes in for the other 4? I keep telling myself how well this has done when I think about how complicated this is. By the way, what software are you using?
Look at the state schedule for all your K-1s.
Is there any state in which you had a significant amount of positive income?
If the numbers are all negative then clearly you don't have to file.
And if they are positive but very small then you also probably don't meet state filing thrssholds.
Keep in mind that about 10 states have no state income tax.
You only need to if your income in each state exceeds that state's threshold for filing.
Meaning most people don't have to file any non resident tax returns due to their MLP holdings.
At what ownership level are you concerned about filing non resident state income tax returns? I have 2500 units of ETE that I purchased in 2012.
I very carefully file tax returns in every state that is even mentioned on the K-1 or cover letter.
That's a joke. Actually, I ignore them unless the numbers are large. For example, APL sold some systems in 2010 and 2011, generating large gains in OK and PA, and I filed those returns. But other than that, I ignore the state filings because the income allocated to any state is never large enough to worry about.
My cutoff isn't scientific, but probably if my MLPs in total generated over $ 1,000 in income allocated to any state, I would think about filing there. But it costs me maybe $ 30 or a bit more for the software to file a state tax return. I figure it costs the states at least $ 50 to process a tax return. So unless the possible liability exceeds $ 100, I wouldn't even think about filing. And because I live in NY, I will get a dollar-for-dollar tax credit against my NY tax for taxes paid to most states, so it's not a money issue. It's just that the numbers are really small.
That is absolutely not the right answer, but it's practical and honest. FWIW.
Ireland says it's not to …