Fri, Apr 18, 2014, 3:55 AM EDT - U.S. Markets closed for Good Friday


% | $
Quotes you view appear here for quick access.

Targa Resources Partners LP Message Board

bcup2 8 posts  |  Last Activity: Apr 1, 2014 7:27 PM Member since: Jul 20, 1998
SortNewest  |  Oldest  |  Highest Rated Expand all messages
  • 1) I imported my K1 data. During the interview process, Turbo tax informed me that because there is data in both box 1 and 2, it had to make 2 K1s out of one. Have no idea why, but it is even stranger because box 2 contains a 0. Since I don't know which k1 should inherit the other data, it sure would be nice if I could merge them. Is a 0 the same as a "blank"? (I suspect that's what kicks off the split, although I don't know why).

    2) Haven't a clue how to match up the 20T codes, even with the descriptions provided in the K-1 package, to the TT questions/forms. The amounts are insignificant but I'd like to know how to do it correctly and I know nothing about oil and gas depletion.

    I've done a couple of k-1s before so am not a total novice, but this is defeating me. Any guidance in the right direction would be appreciated.

  • bcup2 bcup2 Mar 12, 2014 12:31 PM Flag

    Something is still not clear: It is not obvious to me that Turbo tax is accumulating the passive losses for each entity for all the years you've held it. All I see on the K-1s is prior year and current year. Am I supposed to go back to each k-1 since I owned it (as part of EPd), extract the passive loss for that year and accumulate it outside of Turbo Tax in order to add it to the prior year carryforward for EPD? If I'm missing something obvious, please advise.

  • bcup2 bcup2 Mar 10, 2014 11:45 AM Flag

    Thanks. I get the concept, but am not sure how to go about doing this in Turbo tax. Since the accumulated passive losses to date are based on prior year's K-1s, how do i "move" the passive losses into EPD's carryforward? Wouldn't that mean I'd have to override what is calculated by the program?

  • I don't know what change to EPD's business structure last year eliminated the need to file individual K-1s for the partners (like ETP etc) but Turbo Tax brought them into this year's tax form.
    1) Do I need to keep them in the current form at all or can/should I delete them?
    2) Are there any ramifications to the passive loss calculations (which I do not being to understand) if I delete them? Any passive losses in the partners were miniscule, but I assume I am supposed to be accumulating them for some reason (I do know they can't be offset against ordinary income).

  • Reply to

    K-1s for 2013

    by bcup2 Feb 13, 2014 2:51 PM
    bcup2 bcup2 Feb 26, 2014 4:07 PM Flag

    When you use the phrase "add to my passive loss..." and close out the ..." , could you translate that into actual actions you will be taking on your tax return?
    We aren't talking about big numbers here, but I'd like to understand the process. Where would I accummulate the subsidiary co's losses "under" the EPD information, and what formal mechanism, if any, do you mean by "close out"?

    I called EPDs tax reporting service and they weren't terribly helpful. The bottom line answer I got was "you can just hold on to them (the subsidiary info) or you can throw them away." Huh?

    I don't know enough about passive losses (actually anything) to know how they could potentially affect other income I have. Maybe the whole investigation is moot in my situation, but I'm on shakey ground in this area.

  • Reply to

    VOD where is my profit/gain ?

    by apennines5213 Feb 25, 2014 10:53 AM
    bcup2 bcup2 Feb 25, 2014 11:19 AM Flag

    Do you know what the cost basis for the new VOD shares is?

  • Reply to

    K-1s for 2013

    by bcup2 Feb 13, 2014 2:51 PM
    bcup2 bcup2 Feb 15, 2014 12:14 AM Flag

    All those subsidiaries are now gone? How wonderful! At least for tax reporting purposes. I only remember getting miniscule credits for anything from them anyway, and I've only had EPD for 3 years. Will have to look closely at the instructions to see the implications, but I'm inclined to think that the numbers don't add up to anything significant. Thanks for the update!

  • Am I reading the EPD website correctly that this year they will have a file that can be imported directly into Turbo Tax (desktop)? What a relief that would be.

61.33+0.77(+1.27%)Apr 17 4:02 PMEDT

Trending Tickers

Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Weibo Corporation
NasdaqGSThu, Apr 17, 2014 4:00 PM EDT
Advanced Micro Devices, Inc.
NYSEThu, Apr 17, 2014 4:00 PM EDT
SandRidge Energy, Inc.
NYSEThu, Apr 17, 2014 4:01 PM EDT