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Enterprise Products Partners L.P. Message Board

  • investor952 investor952 Mar 21, 2012 2:24 AM Flag

    another EPD k-1 tax question

     

    Regarding the info on the sales supplement that comes from the k-1..do I put all this in the epd k-1 in turbotax?..or do i need to somehow break it up to put into the additional 4 supplementary k1s I have to create for each of the other mlp's that epd owns/owned..like regency and ete? What to do about this?

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    • I'm pretty sure TT will accept it and your return will be acceptable. I think the only implication may be that you may owe a very small amount (probably just a few dollars) extra tax because you will not be taking the deferred passive losses from DEP/ETP/ETE/RGP.

    • I took what you wrote, and put my wordy operational interpretation of it onto the "How will the 2011 EPD K-1 extricate us?" thread. I used the Forms mode in my description. I should try Step-by-Step some time, but I like to take the piece of paper in my hand and input it.

      Regarding getting a longer post into place, I write it first using my favorite email software as an editor, and then pasting the text into the post. That also saves me from somehow the post getting lost for unknown reasons or accidentally hitting a back button etc.

    • see my response further down this thread. should not be too difficult, I think.

      Just want to comment on this though...
      "on the sales sheet, ...and there are two of these..which I asked about in a previous email..which was answered (I use the 1st one for federal and 2nd one for California where I live)."

      Not sure what you are referring to since I didn't get a sales schedule, not having sold any. But don't repeat your mistake of last use by using state schedule numbers in your resident state return. The CA numbers in the state schedule are only for non-resident returns. For your home state, just let TT carryover your federal numbers.

    • yahoo won't let me post my complete suggestion in detail.

      in short though it is rudfox's option 2 with an additional step of first checking the passive loss carryovers on the 2010 forms of the 5 created K-1s including DEP but not EPD, then when entering the final EPD combined K-1 add those carryovers to the EPD carryovers in the last few screens of the TT interview.

      I think this would result in the same as his option 1 but may be a bit cleaner.

    • Unrelated to the rest of the thread, the answer to your question is yes-- if you want the capital account info to show. If your account is not down to zero and if you did not sell out, it is not important that you do that annually; EPD does it for you on the K-1.

    • I am using TT delux

      after I entered the k1 data for
      i took notice that the capital account information is not updating
      any one else having this happen ????????
      Should I just update the capital account information manually when in the forms mode ???
      thanks for you help
      john

    • I didn't sell any EPD so I didn't get a sales schedule so not sure whether it is broken out by the 5 MLPs.

      Assuming it is, then since you already broke out the 5 MLPs last year, I guess you would close each of them out this year using the 5 separate sales schedule sets.

      Should be straightforward I would think so long as they gave you 5 sets of sales schedule numbers. Just treat each of them as a separate MLP.

      Where it would get tricky, I think, would be if you had held a separate position in regency (or the others) and combined your own units with the EPD regency units. That's the situation I am trying to avoid by not breaking mine out as I do hold a position in rgp.

    • If somebody had both bought and sold all of his EPD during 2011, I would tend to think that there would be no net change in creating 5 K-1s for EPD vs using the combined numbers in a single K-1. This presumes that any virtual K-1s would also be marked "Final K-1".

      If this applied to me, I would just make a single K-1, marked "Final K-1", in TurboTax. That does not apply to me. I did create the 5 K-1s last year. I am not a tax pro or accountant or any other kind of tax expert.

 
EPD
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