Can anyone guess why EPD sent out incomplete K-1s...in that they break out 5 sub-k-1s..one each for epd, dep, ete, etp and rgp..but they DON'T BREAK OUT THE SALES PART?..and we are all left guessing and holding the bag?..those of us who sold that is? Looks like sloppy work to me.
And also..why doesn't tt allow you to enter more than one buy and sales date?..why don't they get real??? This is very sloppy work on their part.
READ THE CASHFLOW STATEMENTS. Sure, Income + Deprec + Amort cover EPD's huge capital expenditures. But, there's no excess. Those juicy dividends are funded by issuances of debt (Billions) and issuances of new stock (near Billions). The current Dividend level is NOT sustainable, ergo neither is the stock price. WAKE UP. Go short.
wow, you're an idiot and have no idea how an MLP functions...Congrats! You have it figured out as opposed to the majority of the investing world, every major credit agency and pretty much every analyst.
You are right though, the current distribution is not sustainable...it's going higher! But you find that information in "Financial Statements for Dummies".
"They are wrong. Not only because they don't handle mlp's well..BUT BECAUSE THEY DON'T EVEN ADVERTISE OR TELL YOU THEIR WEAKNESSES... I see nowhere in the program where it says they don't handle mlp's well."
Yeah, you're right. This company has only been one of, if not the best performing MLP's of all time which is why they continue to raise their distribution every quarter for 8 years and throughout the worse financial crisis of our lifetimes. But your'e right, they clearly don't know what they're doing.
"And don't give me this go see a cpa garbage.No way do I pay someone to tell me how much i have to pay..yeah..right..like they know."
I think they know more than you. I know this because your complaining on a message board about something that takes me 20 minutes to do every year. I downloaded my K-1 about 2 hours after it was available, my taxes were e-filed that same day. I had my return two weeks ago...WHAT A HASSLE. You are right, there are plenty of people who buy the MLP's not knowing the benefits and drawbacks....you are obviously one of them.
Every year there's 3 or 4 yahoos that complain about the K-1 so you should sell like they do every year, like last year in the low 40's, the prior year in the low 30's and the prior year in the low 20's.....
I'm late to the arguement here, but here's a thought. I think you will find universal agreement on what happens tax wise when you make a sale of your entire interest in an MLP. That same agreement is not there on a partial sale. In fact even the MLPs put a disclaimer in the Sales Schedules that their basis calculations on a partial sale are not in accordance with IRS policy. Doubt any tax software can handle this.
Ownership of a partnership was almost unheard of only a few years ago. Today MLPs are more common but constitute less than 1/10 of 1% of ownership and the NAPTP suggests against a partial sale because of the complexity in the tax code it causes.
That said, it is uncommon to sell part of the ownership of a MLP holdings in a regular account. It is not basic - MLPs and K-1s are basic. TaxCut states that K-1s are beyond the scope and capability of the program. TTax will handle a partial sale but only with a work around that requires you to call them.
As to ading MLPs after the program was built. Absolutely correct. MLPs did not exist when TurboTax was created.
You seem to be unhappy with TTax. Therefore why don't you use something else? Maybe doing it manually or a CPA? Maybe contacting Intuit and voicing your concern? Two years ago some 500 people suggested a change related to MLPs and the change was made within a week. If they get a number of suggestion on the same issue that will made the needed change.
I "get it" that selling part of a holding is a basic thing. I aslo get it that selling part of a holding in a MLP (or ownership of a MLP) is not a basic thing.
Do you want to be part of the solution? Call Intuit. I did.
First and foremost I agree completely that our tax code is to put it politely very confusing. In regards to MLPs it is not only confusing, but in at least three places contradictary.
The problem with reporting is that Congress changed the code for reporting sales and required ST and LT sales to be entered seperately. They also are actually wanting each lot to be listed as a seperate sale. This creates huge issues for someone with a partial sale on MLP units because of the way the MLPs allocate expenses based on units owned on the first day of each month.
I personally think the pass through on DEP etc. etc. on EPD is idiotic and arcane and a consolidated statement of income is only logical, but logic has little to do with Congress and anything.
As to TTax - I have consulted for them for some years and gotten many changes put into effect, especially relating to MLPs. The problem is that TTax or any computer program is simply not possible for covering every possibility for every taxpayer. There are lots of "go-arounds" available by calling Intuit including one to handle the LT/ST MLP issue, but the solutions are not likely to go into the program for a very simple reason. Every time the inverview is made more complex to meet the needs of a very few taxpayers - the majority who are not effected by that detail get confused and make errors and lots of them.
For people who require a sytem to cover every part of the code "accurately and completely" I suggest finding a CPA who does returns by hand and is versed in all tax code areas. I wish you luck in finding such a CPA and suggest some medication for relaxation when you get their bill. TTax is not for everyone.
Agree with you 952, not sure why so many negative ratings.
Yes citizens are responsible for knowing the law and not knowing the law is no excuss for breaking it. This applies both to taxes and criminal law.
But when the law becomes so complex, that no one person can keep track of it, then the government is placing an undue burden that an honest citizen trying to do the right thing, can not.
The MLP tax code and craziness with TT is just one example. We've all spent too much time on this trying to do it right, but the reality is the IRS might still come after you since you don't have a PhD in the tax code.
I called TTax customer service last year(can't remember my K-l or Royalty question anymore--thankfully, so boring.) I agreed to pay a fee for advice in order to talk with someone; our discussion was minimal because the answer was what I anticipated--so they didn't even charge me. It was a completely positive experience. Before stressing for even five minutes, just call them--(or call H&R Block)and get your question settled. If you are enraged over paying taxes, contact your Senators and Representatives. The actual filing of taxes is a practical, technical process. Just do it. Getting mad at a computer form spoils your afternoon. Believe me, you can double and triple the time it takes to file if you channel your frustrations and irritations into the process. Like Nike says, "Just Do It." Then reward yourself with a Starbucks, buy an Ipod Nano watchband online, go home early and play with the dog. Enjoy your one life.
Regarding "And also..why doesn't tt allow you to enter more than one buy and sales date?..why don't they get real???" here is a discussion on the TurboTax board: https://ttlc.intuit.com/post/show_full/beHv48Gair4i3Yab8P60u-/sale-of-public-em-traded-em-partnership?p=1&q=%22Enter+Sale+Prices%22+for+a+K1+from+a+Publicly+Traded+MLP&s=0
That was written before there was a form 8949, but the method would be the same.