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Kinder Morgan Energy Partners Message Board

  • bob174_2000 bob174_2000 Apr 1, 2012 10:19 PM Flag

    Tax Question

    My capital account on my K-1 reflects the following:

    12/31/10 Beg. balance $1,000
    Capital contributed 0
    Current yr. increase (decrease) ($237)
    Distributions ($2,290)

    12/31/11 Ending Capital Balance ($1,527)

    Since my capital account has a negative balance, is any portion of this now taxable? If so, is it taxed as ordinary income or capital gains?

    Finally, I've been using Turbo Tax for all of the years that I've owned KMP. If I enter all of the amounts from my K-1, will Turbo Tax automatically make the correct entry or will I have to make a manual entry?

    Thanks.

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