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Enterprise Products Partners L.P. Message Board

  • lizahuang54321 lizahuang54321 Mar 12, 2012 2:14 PM Flag

    For arb...TT issues

    Hi arb,
    A couple of Turbotax gotchas I found. Both can be worked around, so I'm not too concerned but they might be topics for your next visit to Intuit.

    -TT does not let you enter a K-1 with numbers in both box 1 as well as boxes 2 or 3. Why not? I received several K-1s like that. jrad (a tax guy) said there should be no reason to disallow it:

    -I noticed that for the State (CA) carryovers, one of the carryovers (for depletion) was not getting carried over. In one year it would list it on the K-1 as to be carried over to the following year. But the following year it would not appear in the carried-over column.
    Note that it did carryover at the Federal level, and also other carryover items did carryover at the state/CA level. Just this depletion expense carryover had the issue. I worked around by entering it manually into the form using the previous year's form to get the amount.

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    • Lisa - on the first on there was a conscious decision to only allow income from one source to be entered on each entry. Multiple categories created other problems too numerous to mention. You understand the workaround.

      As to your state tax issue. I have no idea. Do not deal w/California taxes. I am a bit confused though in that you normally take all depletion credits in the year of activity unless prohibited to do so by being subject to AMT. The four states I work with then require you to make an adjustment to take all the credit in the year of the credit. Thus you have a tax basis different in Feds vs. State. This is a nightmare as you can imagine. Again this effects probably under 1000 people in the entire US and thus does not make sense to try to correct. Your tax situation is probably unique and requires you to continue with the workarounds or speak to Intuit and have them tell you exactly how to enter.


    • I'm really, really wondering if this tax reporting complication is simply worth it. I have all my info. loaded into TT awaiting the great, elusive K-1 data from EDP. Who needs this %^#@ ? I realize that EDP is a good investment, but at what point does tax reporting delay and aggravation trump the investment?

      • 2 Replies to etq2020
      • ETQ-

        Since you will not have your final 1099 from your broker until after the 15th, what is your complaint?!!!!

      • ummm, it doesn't....If you hold many MLP's, it can get confusing/frustrating if you file your own returns. Entering one K-1 shouldn't curtail you from owning one. People that own their own business have to file K-1 info all the time depending on how their company is set up. If you have everything else loaded in TT, it should take you 10 minutes to enter and send your return after receiving the K-1, 30 minutes if you want to review the K-1 and directions closely.

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