This is the first time I own a MLP stock (SPH that is) I bought through e-trade. When I received my 1099 from etrade, they did not include the dividends and stated "We are not responsible for reporting on Master Limited Partnerships. You should receive a separate K-1 form from the partnership sometime in late March/early April. If you do not receive this form, please contact the partnership directly."
So my questions are: "How does SPH knows that I should receive a K-1? is etrade obligated to provide them with my personal information?; I did go to the SPH website and registered to receive a K-1, but how do they know how many stocks I own? they did not ask this question during the registration process. And where in my form 1040 do I show these dividends?
Thanks in Advance,
As a professional tax preparer, I highly recommend you take your K-1 documents to a CPA or an Enrolled Agent. If you're not an oil/gas person, or a serious number cruncher/bean counter, you will probably wind up wasting a huge amount of time and capacity for frustratration. The math is'nt really to bad, but the language of the biz can be a real bear.
Best of luck!
Thank you both for your comments, I started as a bean counter, but moved onto financial systems, more lucrative!
Anyway, just in case someone else needs info. Here is what I infered from the reading and how I got my K-1. Yes, there is communication between the trading provider (etrade in my case) and the LP. They informed Suburban about the number of shares I had, and I registered at Suburban to recibe the k1. As promised by Suburban they made my K1 available. Then is all about reading through the K! instructions that come with it, and the use of some good software plus the instructions on the IRS forms and voila, I finished my taxes 1 day after I got the K1.