Mastering Reporting of PubliclyTraded Partnership and MLP K1s on Partners' Returns Navigating Footnotes and Tying Information to the 1040 TUESDAY, JANUARY 19, 2016, 1:002:50 pm Eastern IMPORTANT INFORMATION This program is approved for 2 CPE credit hours. To earn credit you must: Participate in the program on your own computer connection (no sharing) if you need to register additional people, please call customer service at 18009267926 x10 (or 4048811141 x10). Strafford accepts American Express, Visa, MasterCard, Discover. Listen online via your computer speakers. Respond to five prompts during the program plus a single verification code. You will have to write down only the final verification code on the attestation form, which will be emailed to registered attendees. To earn full credit, you must remain connected for the entire program. WHO TO CONTACT For Additional Registrations: Call Strafford Customer Service 18009267926 x10 (or 4048811141 x10) For Assistance During the Program: On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN.
K1 Input instructions 1 2 3 Items marked with "x" should be grouped together and entered in software as one number. See columns on right of worksheet. Items marked with "o" are not entered in K1 input screen. Enter in other section of software input and add to basis schedule. All items on Income Reconciliation should be entered in the Excel basis schedule just like they are entered in the tax software. For example, enter one number for "other Income." Consider linking numbers from Reconciliation to Basis Schedule 4 Basis schedule in software should agree with basis schedule prepared in Excel. In addition to items in Instruction # 2, Section 59E expenses and depletion should be manually entered into tax software basis schedule
Client Name 2014 Partnership Passive/Non Passive Sched E Sched E Income 4797 Oth Inc Interest Div QD STCG LTCG Royalties Ordinary bus. income (loss) 1 Net rental RE income (loss) 2 Other rental income (loss) 3 Interest Income 5 Dividends (QD) 6 Royalties 7 STCG/L 8 LTCG/L 9a Sec. 1231 10 Sec. 1256 11C Other Income: Interest Income 1 Dividend (nonqual) 1 Qual Dividend 1 Trade or Bus Expense 1 Other Port Income (loss) 1 988 Gain/ (Loss) 11A Portfolio Income 11A Cancellation of Debt (Line 21, p1) 11E Interest Income 11F Dividend (nonqual) 11F Qual Dividend 11F Ordinary Income/ (loss) 11F Net SWAP Income/(Loss) 11F Trade or Bus Expense 11F 988 Gain/ (Loss) 11F Other Inc. Line 21, page 1 1040 11F STCG/L 11F LTCG/L 11F 475(F) Gain/(loss) 11F Ordinary Income 11F Other Income 11F 1296 Gain/Loss 11F Deductions Investment Interest Exp 13H Royalty Deductions 13I Sec. 59(e)(2) deduction 13J Portfolio Subject 2% 13K Other Deductions 13W Foreign Taxes Total Income per K1 Tax Exempt Inc 18A Non Deductible Exp 18C Depletion Exp. 20T US Tax Withheld Total Basis Adjustment Investment Interest Schedule A Investment Interest Schedule E Interest UST Red numbers enter from K1 Beginning Tax Basis Black numbers are formulas Contributions Highlighted are entered into Lacerte Current Year Activity Other Tax Exempt Income Tax Exempt Interest Depletion Exp. Other Tax Exempt Expenses COD NI from Passive Activity Distributions Ending Basis 1/18/2016
Client Name 2014 Partnership Passive/Non Passive Passive Non Passive Income Net K1 4797 Ordinary bus. income (loss) 1 Net rental RE income (loss) 2 Other rental income (loss) 3 Interest Income 5 Dividends (QD) 6 Royalties 7 STCG/L 8 LTCG/L 9a Sec. 1231 10 Sec. 1256 11C Other Income: Interest Income 1 Dividend (nonqual) 1 Qual Dividend 1 Trade or Bus Expense 1 Other Port Income (loss) 1 988 Gain/ (Loss) 11A Portfolio Income 11A Cancellation of Debt (Line21) 11E Interest Income 11F Dividend (nonqual) 11F Qual Dividend 11F Ordinary Income/ (loss) 11F Net SWAP Income/(Loss) 11F Trade or Bus Expense 11F 988 Gain/ (Loss) 11F Other Inc. Line 21, page 1 1040 11F STCG/L 11F LTCG/L 11F 475(F) Gain/(loss) 11F Ordinary Income 11F Other Income 11F 1296 Gain/Loss 11F Total Income Deductions Investment Interest Exp 13H Royalty Deductions 13I Sec. 59(e)(2) deduction 13J
Portfolio Subject 2% 13K Other Deductions 13W Foreign Taxes Total deductions Total Income per K1 Tax Exempt Inc 18A Non Deductible Exp 18C Depletion Exp. 20T US Tax Withheld Total Basis Adjustment Investment Interest Schedule A Investment Interest Schedule E Total Interest UST Other Interest Beginning Tax Basis Contributions Current Year Activity Other Tax Exempt Income Tax Exempt Interest Depletion Exp. Other Tax Exempt Expenses COD NI from Passive Activity Distributions Ending Basis
Sched E Sched E Oth Inc Interest Div QD STCG LTCG Royalties
Red numbers enter from K1 Black numbers are formulas Highlighted are entered into Lacerte
Client Name 2014 Energy Transfer Equity, L.P. Income Front of K1 ETE ETP RGp APU SXL SUN Total Ordinary bus. income (loss) 1 (19,659) (3,470) (10,093) (5,130) (70) (890) (6) (19,659) Net rental RE income (loss) 2 43 43 43 Other rental income (loss) 3 (4) (4) (4) Interest Income 5 1,029 1,024 5 1,029 Dividends (QD) 6 1,473 1,435 38 1,473 Royalties 7 7 7 7 STCG/L 8 LTCG/L 9a (7,071) (6,861) (210) (7,071) Sec. 1231 10 (329) (389) 63 (3) (329) Sec. 1256 11C Other Income: Interest Income 1 Dividend (nonqual) 1 Qual Dividend 1 Trade or Bus Expense 1 Other Port Income (loss) 1 988 Gain/ (Loss) 11A Portfolio Income 11A Cancellation of Debt (Line 21, p1) 11E Interest Income 11F Dividend (nonqual) 11F Qual Dividend 11F Ordinary Income/ (loss) 11F Net SWAP Income/(Loss) 11F Trade or Bus Expense 11F 988 Gain/ (Loss) 11F Other Inc. Line 21, page 1 1040 11F STCG/L 11F LTCG/L 11F 475(F) Gain/(loss) 11F Ordinary Income 11F Other Income 11F 1296 Gain/Loss 11F Deductions Investment Interest Exp 13H (156) (153) (3) (156) Royalty Deductions 13I Sec. 59(e)(2) deduction 13J Portfolio Subject 2% 13K Other Deductions 13W Foreign Taxes Total Income per K1 (24,667) (10,331) (8,133) (5,274) (65) (858) (6) (24,667) Tax Exempt Inc 18A Non Deductible Exp 18C (28) (5) (6) (17) (28) Depletion Exp. 20T US Tax Withheld Total Basis Adjustment (24,695) (10,336) (8,139) (5,291) (65) (858) (6) (24,695) Investment Interest Schedule A Investment Interest Schedule E Interest UST Red numbers enter from K1 Beginning Tax Basis 215,128 Black numbers are formulas Contributions 359,297 Highlighted are entered into Lacerte Current Year Activity (24,695) Other Tax Exempt Income Tax Exempt Interest Depletion Exp. Other Tax Exempt Expenses COD NI from Passive Activity Distributions Ending Basis 549,730 1/19/2016