been answered already...they dropped all their trusts.
They want to focus on core areas and trustee work was marginal for them.
Doesn't imply anything for HGT
Well you need to file a revised tax return then because that is wrong.
I doubt your broker told you that and the tax booklet with detailed instructions has been available since early january and you apparently couldn't be bothered to look at it.
that clearly risks a red flag from the IRS as they match what you report against their copies of the K-1s. What is so hard in doing it properly?
I answered your question already above. perhaps you didn't understand it.
Read the tax booklet if you want to know the numbers for your specific case
Since boxes 2 and 3 are very small if they are present for MLPs, I generally put all the other numbers in the box 1 K-1 and put only the box 2 or 3 with nothing else in the extra created K-1.
But yes this is an annoying limitation of Turbotax that it cant handle them all in the one K-1.
you answered the first question above.
ordinary gain is part of your gain will be taxed at ordinary income rates, not capital gain. It seeds into forms 4797.
Enter the number into the orinary gain box in the disposition screen in TT and it will handle everything correctly
You get to the disposition screen by checking the box 'partnership ended in 2013' in the TT K-1 interview.
If you enter the20 Z code in TT you get a following screen where you can enter as many lines as you want.
But 20Z doesn't affect your return calculation, they are just informational
No, if you enter the 13T code and 20Z code it opens following screens in TT with spaces for all the numbers.
If you have the numbers to enter you don't even need to go to forms - just enter them in the carryover passive losses screens, the last few screens in the K-1 interview.
possibly...i am getting more bullish on NG, however not necessarily on a dying trust like this which doesn't have many years of production left.
Yes, because it was a non-taxable transaction between two pass through entities.
If it had been acquired by a c-corp, like PSE by PXD, the situation would be different
I don't really follow BWP closely. As for diversifying into other projects well they have no choice. Where they fell down was waiting to do that until they were already in a huge hole. Good management would have seen it coming and started divrsifying long ago (as did come other MLPs, for example BPL).
oh yes, and there was a positive mention for cvrr and, I think, nti in the weekend Barrons.
No, they use profesional tax software which costs many thousands of dollars.
Turbotax is too slow with its interview based approach for handling large volume of returns.
What is your point?
By the way, Are you aware that most tax preparers don't know much about MLP taxation and further more most of them assign junior, temporary, data entry workers to input your information. Unless you know your tax preparer understands MLP taxation well, you are likely to have an incorrect return.
"Cost cutting measures in the Tax Code qualify some investors for significant tax savings on trusts and MLP’s."
All the information to get all the relevant credits is in the K-1 and Turbotax will handle them correctly (assuming you enter the data correctly).