You will not know the analysis of your distributions for the year until you get your K-1. It could show ordinary income, return of capital, capital gains, or even interest income. Return of capital is not taxable, it is used to reduce your basis. I have a number of investments that wait on the K-1 for tax analysis, and I usually get then arround March 1 from my broker. For your information, I am a retired CPA
This is my first experience with a K-1. From what I hear you should not attempt to do your own taxes if they involve even a single K-1. I'm hearing that a tax program like Turbo Tax will easily handle the K-1 tax implications or obviously a professional tax preparer.
Is this pretty much accurate? I've always done my own taxes but don't think I want to mess with the K-1 issues.
It appears that the K-1 will be available March 5th according to the company website.