TurboTax 2022 Form 1040 - Publicly Traded Investment (PTP) Schedule K-1
How to file your taxes with TurboTax?
In this video, I cover how to enter a Schedule K-1 from a publicly traded partnership (PTP) investment for an individual taxpayer.
PTPs are publicly traded securities, but the entity itself is not subject to taxes. The owners of the PTP (i.e., shareholders) receive a Schedule K-1 and report the income & expenses on their tax returns.
PTP K-1s can be quite complex with a lot of information and footnotes. It is important to completely review your Schedule K-1 and capture all of the information that applies to your circumstances. Very often, the K-1 will include information that is irrelevant to your situation.
Did you sell your PTP investment during the year? View our video here on the relevant gain/loss adjustments:
• How to Record Sale of ...
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• TurboTax Form 1040 Tut...
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Пікірлер: 13
Hello. I received my Schedule K1 for teucrium wheat fund (WEAT). However, the fund sent me a letter saying that items of international tax relevance are reported on Schedule K-3. Unfortunately, the letter also stated that I won't receive the K-3 until the end of June 2023. The letter also states "K-3...this information may be necessary to complete your tax returns." I was also told that failure to report K-3 on my tax return can result in a $10,000 fine by the IRS. However, I don't want to wait until June to file my taxes as I need my refund check immediately and I want to file now with the Schedule K1. So my question is, can I file my taxes now in March of 2023 with the Schedule K1 form and then file an amendment return in June of 2023 once I receive the K-3 form from the Teucrium Wheat Fund? I also want to mention that on the K-1 form in Part 3 box 16 it says "Schedule K-3 is attached if checked" and the box is checked. Ok any help would be appreciated. Thanks
left out all of the difficult entries typically seen
Hi Jason. Can you go into detail as to how we post amounts for passive activity losses carried over from last year? Thank You!
Thank you!
@JasonDKnott
Жыл бұрын
You're welcome!
At about 30:50 on your video, you have the window where TT asks you "We need some information about your Section 199A income". I know where the Business Income (loss) comes from. I think the Section 1231 gain (loss) comes from Box 10, and the Section 179 Deductions comes from the Box 12. The next box "Other Deductions" is not so clear. Where does that information come from? If I use Box 13, I get an error where it tells me I need to revise statement A data. The same goes for the REIT dividends. Where do I get that from? It would be very helpful if you could do an example of a very complicated K-1 such as Energy Transfer Partners. It pays great dividends, but it seems like I'm always fighting Turbotax to get it to show no errors.
Can you please show how to enter k3 in TurboTax? K3 box is checked, but there is no non US income and no foreign tax exposure.
hey with turbotax there is another part that says "ENTER SALE INFORMATION" "use your schedule K1 and other supporting documents, enter the information below about your sale of Fund => sale price, selling expensse, partnership basis, ordinary gain, 1250 gain, then on the right side => AMT gain or loss, partnership basis, ordinary gain, 1250 gain.......i didnt see this part in your video
Hi Jason. Can you be my Tax Prepare for year 2022 please? I got stuck on these PTP investments!
Does turbo tax let you input multiple k1's?
Can I claim in my tax Hard to borrow fee that paid to the broker, I have Turbo Tax where can i enter?
Why is "all activity is At-Risk" fine?
@Ravenist
Жыл бұрын
I think it’s b/c all investments are “a risk”