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Targa Resources Partners LP Message Board

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  • sespears2000 sespears2000 Jan 14, 2010 7:23 AM Flag

    ROC and tax forms.

    Good question. I am new at this and wondered the same thing. Also do I put any distributions from this year go on my Schedule D?

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    • There's plenty of info out there on the internet on tax reporting of MLPs. In general, you will get a K-1 which will list the distributions that you received. You will NOT get a 1099 DIV which is how dividends are reported for inclusion on your tax Schedule D. There is a website called something like www.taxsupport.net which houses many of the MLP K-1 forms. Once you enter that website, you select your particular MLP and insert your SSN and it pulls up your K-1 which can then be downloaded directly into TurboTax. Most MLPs participate, but there are a few that don't. As for the return of capital, your K-1 should include a reconciliation of your "capital account" which is basically the amount you invested in the MLP (your cost basis) reduced by the sum of distributions that you have received over the years, which should eliminate the need for you to track this separately. Finally, you report your share of the MLPs income as ordinary income (it's one of the boxes on the K-1 and once the K-1 is downloaded into Turbo Tax, it puts it into the proper line on the tax return. If the partnership has a loss, there are limitations on how you use those losses (I believe they can't be used to offset other ordinary income, but can be used to offset other passive income from other MLPs but).

 
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