On the 9 K-1's I have received so far (still waiting on two more), the total Ordinary Income (line 1) amounts to -3495, yet it appears as though the only one that results in any change in my refund/amount owed is from those companies that have positive incomes.
While I understand that income from one company does not offset the loss from another, it doesn't make sense to me. Can anyone explain?
Have them all now except QRE (next week) and EPD.
My only problem so far has been with the ENP K-1.
In of my brokerages, I switched from a cash to a margin account during the year and so the brokerage rejournaled all my holdings. On the ENP K-1 they treated that as though I had sold and repurchased all my units. Trying to get it fixed, however the Computershare folks who handle the ENP K-1s (how come all the other MLPs use taxpackacesupport or partnerdatalink but ENP uses Computershare?) aren't very up on this whole K-1 business. The first buy I spoke to sounded like he has never seen a K-1 in his life before.
Anyway, per unit:
LGCY: box 1: 2.10
box 13J: 0.46
box 20T: 1.56
PSE: box 1: 3.05
box 13J: 0.92
box 20T: 0.82 (why so low?)
BBEP: box 1: 1.99
box 13J: 0.78
box 20T: 1.00
and UBTI, in case you want it (box 20V without any adjustments):
Actually VNR and EVEP have relatively large W2 wages. I'd be interested in any results from LGCY, BBEP and PSE if you get them. Box 1, Box 13J and Box 20T. Divide the numbers by your number of units owned to get a per unit figure and we won't know how much you own
Ah, that explains it.
W-2 wages is usually the last box to fill in so that explains why the deduction disappears once I filled all the boxes. Yes, most MLPs have zero or low numbers in that box.
P.S. Most of my refund got eliminated today with VNR and ENP K-1s. Still about 5 K-1s to come, all E&Ps except for EPD.
Distribution was a tad over $3. Believe Box 1 minus Box 13J (IDCS) - minus 20T1 (Assumed depletion) equals about $2.10 in taxable income that get added to your return from Sched E. Therefore you're paying tax on about 70% of the distribution. Note there is also a small deduction for Domestic Activities Production if you want to do the calculation