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Enterprise Products Partners L.P. Message Board

  • bcup2 bcup2 Apr 12, 2013 7:03 PM Flag

    K-1 state information

    Are all of you filing nonresident tax forms for all the states listed in the EPD schedule? How do you determine which states you need to file with and in which situations? Turbo Tax chat says yes I have to file, even though the ordinary business income is only positive for ETP in Lousiana ( I think that's all I found), but there are net long term gains for EPD for many, many states. All amounts are tiny. The CPA that my financial advisor used for one of her big EPD client says the amounts are not material and she never has filed a nonresident form for this client. Comments? (not lectures, please).

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    • Thanks for Turbo Tax! If it wasn't for this "tool" I don't know how I could navigate through this K-1 gobbledegook.

    • bcup2,

      I follow my own $10 rule if a POSITIVE figure on the K1 State schedule return x 30% is less than $10 I will not look at it any more. If above that I will google "non resident tax return for that state" and usually 30% is above what you usually pay or they don't require a return unless way more.
      Most people just eyeball the results and forget about them.
      The CPA who has "real world" experience with the IRS vs "technically correct" knows that if the state is not going to collect substantial money they don't want 1000s of investors sending in returns clogging up their systems for no money.

    • No lecture, OK. IF you had a taxable income that was zero or negative would you file a return to the state where you live except to get a credit of some sort? I hope not. Thus why would you file in the 38 states where EPD does business with no income to report?

      • 1 Reply to jpmjr72
      • If it was clear which of the income classes that EPD provides for its activities were relevant to a state return, and all those classes were 0 or negative, of course I wouldn't. However, ETP and RGP have positive ordinary business income and EPD has positive interest & LT gains. I realize these amounts are small in the grand scheme of taxation, but we've been sent the state schedules for *some* reason. Having a Turbo Tax "pro" on chat say they need to be filed (which I'm not going to do) and a CPA say forget it, does not help. I am quite happy with saying the amounts are so small, no state is going to come after me (the CPAs position). I just wanted to know which position other EPD holders were taking.

        BTW- I have a reason to spend more than 3 seconds on this. My father's estate was totally earned and probated in CA. Then, probably because the executor lived in LA, the latter dunned the 3 heirs for 2 years for taxes. It took an accountant those two years to convince LA that they were wrong. Of course the $ involved was significantly higher than anything EPD reports.

    • Haven't you answered you own question here already? You said most are negative and all amounts are tiny.
      If you really want to waste your time, you can check the filing requirements for each state, but I can tell you that no state has a filing requirement for negative income.

 
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