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Enterprise Products Partners L.P. Message Board

  • mktplyr517 mktplyr517 Apr 12, 2013 11:11 AM Flag

    The infamous 'Y' codes

    Its baffling to me as to why one cannot comprehend how to enter the "Y " codes in Turbo Tax

    When you are on the interview page that lets you enter the Ys

    all you need to do is title them yourself... 20Y1... 20Y2 etc....

    If you want you can even type in the description given on EPDs K-1

    It would appear that Turbo Tax allows you to enter as many Ys as you wish

    As to the Ts... while they take a little time they really are self explanatory

    EPD and ETP required me to enter an additional 6 K-1s from scratch and it only took about an hour

    after filling in 2 or 3 K-1s on TT they become a joke

    IF one can't figure this stuff out themselves they shouldn't be doing their own taxes

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    • mktply - 100% correct. It is a huge problem and the people that originally caused it are the brokers and advisers who did not discuss K-1s in the first place. I own 19 MLPs - don't blame me on that one as I got my mother to buy several some years ago and she gave them to me on her death. I then converted all to a trust in July which created double the number of K-1s (only for 2012 tax year thank goodness) and accordingly when I finished about 60 K-1s to enter. My wife would read me the numbers and info and I would type. We got to where it only took about 5 minutes per K-1. Was actually faster then trying to download partial data. Took almost as long to take the finished file and then delete all the K-1s from before the trust as the numbers all moved forward into the trust K-1s.

      Many people should not be doing their own taxes. Problem is can you imagine the guy at H&R bock or other shop who also has no clue about K-1s trying to enter the data?


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