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CVR Partners, LP Message Board

  • irbbping irbbping Apr 16, 2012 1:22 PM Flag

    belated K-1 question

    I do my own taxes using Turbotax and after todays blurb on RCP about Turbo that was in the WSJ I got to wondering whether I need to go to a CPA to verify my return.

    For my particular return the UBTI was lower than I anticipated and the amount of the gain that I reported as income was considerably lower that the dividend that I received. I ASSUMED that this must have been due to an anomoly because the compoany is so new so it was a return of capital or something like that. Did anyone else have a similar experience and if so know or have verified with the company the reason for the difference?

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    • First - yes and more to your presumptions.

      But to your last need...now you'll learn the wonders of TT and those programs (and the new tax laws on brokerages reporting basis which they never had to do before). All the info needed the program will ask for and do....better than a person.

      Personally, I believe entirely in safe and secure...I've had the portfolio of a 90 year old for some time..it's great.

      May I suggest you look a State & Muni (either taxable or tax free, depending on your income position). If tax free is advised...look at Puerto Rico bonds (both GO and Dales Tax)...no fed tax, no state tax (anywhere)...basically A rated, and essentially backed by the Fed (it ain't letting anything happen there)...and finally, backed by a now 2-3rd generation stable and affluent people that would absolutely support the land of their ancestory in a heartbeat. 5+ % tax free....sleep at night.

    • First - yes and more to your presumptions.

      But to your last need...now you'll learn the wonders of TT and those programs (and the new tax laws on brokerages reporting basis which they never had to do before). All the info needed the program will ask for and do....better than a person.

      Personally, I believe entirely in safe and secure...I've had the portfolio of a 90 year old for some time..it's great.

      May I suggest you look a State & Muni (either taxable or tax free, depending on your income position). If tax free is advised...look at Puerto Rico bonds (both GO and Dales Tax)...no fed tax, no state tax (anywhere)...basically A rated, and essentially backed by the Fed (it ain't letting anything happen there)...and finally, backed by a now 2-3rd generation stable and affluent people that would absolutely support the land of their ancestory in a heartbeat. 5+ % tax free....sleep at night.

    • UBTI only applies to units held in retirement accounts. Gain reported as income? Gain, like in sale of units? Dividend you received? Do you mean distributions which are not taxed? You might want to give us details...which K-1 items?

 
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