You can now import all K-1 info from one place into all your companies using TT. It does everything for you. No more trying to figure out which number go in which boxes. Just thought I would pass it along. I'm not suggesting anyone run out and buy it, just relaying my experience. Please no attacks.
It takes norris 'a great deal of time' to enter a K-1.
I am getting 43 K-1s this year and it takes me 5-10 minutes for each one (and that is going through the entire interview twice to make sure I didn't mistype anything).
Since I enter each one, the day it is available online rather than saving them all till the last minute, at most I have to spend half an hour a day entering K-1s for a few weeks.
No, they don't have to offer a Turbotax download and half of them don't. And even the ones that do, don't include all boxes in the download, so you still need to go through the interview. Thus the download doesn't save time at all, but it may help accuracy if you are prone to making typos when you transcribe the numbers manually.
That seems helpful. It does get confusing. Do you know if it handles the Part II Box I2 checked for "IRA" any differently? I tried Taxact and it does not even ask about that. What I am led to believe is that in an IRA all the stuff on the K-1 should be ignored except to check for excess UBTI on Line 20V.
Also the MLPs have quite a list of states they are involved with and some small amounts are listed for the state tax tables with messages that you may have to file non-res state taxes. For TT that might mean 20 more state returns, hate to pay for all that!!!
If you are familiar with a LINE K-1 do they have any state income tax amounts?
Also, not all companies have a TT link lined up to use. Manual entry is OK if you can understand some of their questions, which are not always "enter info from Box xxx".
Turbotax and Taxact are for preparing your tax return. They will not handle activity in the IRA.
You don't put IRA K-1s into your tax return. Correct, UBTI is the only issue in the IRA.
You probably will never have to file out of state returns, unless you have a very big portfolio
(and you can ignore the state information too, if you are still talking about an IRA).
Each state has different filing thresholds and typically you won't exceed those thresholds.
Last year I did file a PA return, but that was a special case due to a large one time PA amount from APL due to an asset sale they did. Every other year I never had to file any non-resident state return and I have a big MLP portfolio.
You should always go through the interview even if you import the download as not all boxes can be imported from the download file.