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Post by mnfish on Mar 23, 2023 13:21:16 GMT
I hold EPD and MMP in a taxable acct and TurboTax wouldn't let me finish my taxes without reporting info on the K3 which isn't due to be out until July(as per a phone call I made) or so. Is everyone going to file for an extension because of this?
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Post by steelpony10 on Mar 24, 2023 2:12:45 GMT
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Post by mnfish on Mar 24, 2023 11:15:36 GMT
Thanks. For now, I just unchecked the box so I could file. I'll see what the amount is when the form is available.
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Post by Schroeder on Mar 24, 2023 12:26:42 GMT
All of my 2021 Schedules K-1; EPD, ET, MMP and PAA had an (x) in the Line 16 K-3 Box. None of them ever furnished a Schedule K-3. All of the 2022 Schedules are identical for Line 16. I filed with Turbo Tax and did not check the K-3 question for 2021. I will do the same for 2022. If I ever receive a K-3 or get flagged by the IRS I will post it.
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Post by kathiel on Mar 24, 2023 17:07:11 GMT
This is the first time I've been asked for a K-3. I may use mnfish's approach and uncheck the box.
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Post by steelpony10 on Mar 24, 2023 17:19:46 GMT
This is the first time I've been asked for a K-3. I may use mnfish's approach and uncheck the box New law K1, K2, K3 all to make life clearer, easier and more expensive if you use an accountant. Read IRS tax law, Publication 4012 and forget about markets to sleep well. You’ll have to learn another variation of plain English also. Lol. |
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Post by Capital on Mar 24, 2023 17:55:07 GMT
FYI - Schedule K3 is for international/Foreign transaction reporting. If you do not have much in foreign transactions it should not affect you. IRS, under direction for the Paperwork Reduction Act (LOL) has added about 20-25 pages to the original K-1 package. |
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Post by bb2 on Mar 24, 2023 18:19:06 GMT
When it comes to turbo tax and MLPs, I fudge my way through it on the assumption if I've done something wrong, the IRS dosesn't have the resources to care.
That was then - I've since eliminated all MLPs to avoid the K* forms.
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Post by johntaylor on May 5, 2023 20:41:55 GMT
My MLP days are also in the past
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Post by steadyeddy on May 6, 2023 0:01:06 GMT
Like others on this forum, I moved away from MLPs also. But I do appreciate the headaches K forms present and empathize.
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Post by notgamblingwithmoney on Aug 26, 2023 18:06:02 GMT
I've eliminated MLP's from my taxable accounts to avoid compliated Tax returns
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