Question

K1's for Limited Partnerships

Forum|Forum|2 years ago
April 2, 2024
1 reply
0 views

I had Limited Partnerships in both Energy Transfer and Enterprise Prods -- both were held in my Ameritrade account. When Ameritrade and Schwab merged both were put into the Schwab account. I received a total of 4 K1's for the two assets. Two of them are marked final K1 (one for ET and one for EPD) and the other two are regular K1's. Do I enter all 4 K1's into turbo tax or how do I handle them. I did call EPD and the representative told me to ignore the one marked final K1. Wondering if that that is correct information???

M

Mike9241

look at schedule L on the k-1s for ET

is the beginning capital account on both K-1s for ET the same? if so did you sell all shares of ET? if not use the one not marked final if you did use the one marked final

same for EPD

N

nono4taxesAuthor

No Section L's don't make sense to me. For the K1 marked final for EPD the cover page states that I have 0.00 shares as of December31 (did not sell any--they were just transferred from Ameritrade to Schwab). The second K1 cover page states that I have 50 shares. I did receive distributions of $74 while in the Ameritrade Account and $25 while in the Schwab account.

Section L FINAL K1 SECOND K1

Beginning Capital 960 0.00

Capital Contributed 1329

Net Loss -44 -112

Withdrawals/Dist -916 - 25

Ending Capital 0.00 1192

Energy Transfer

Beginning Capital 1213 0.00

Capital Contributed 2512

Net Income/Loss 16 -87

Withdrawals/Dist -1229 -63

Ending Capital 0.00 2362

Distributions for ET received while in the Ameritrade Account was $184.50 and $62.50 while in the Schwab account. And both Final K1's Beginning Capital do match up with the Ending Capital from my 2022 K1s. Thank you for any help you can give me.

N

nono4taxesAuthor

After talking with tax support at Energy Transfer she told me the reason I received two K1s was because we transferred the shares from an Ameritrade joint account to a Schwab trust account. This gererated the two K1s since they were different types of accounts. I asked if I had to report a sale of my 200 shares from Ameritrade since it is marked "Final K1" but she said no because it was considered a transfer not a sale. (Ameritrade did not list it as a sale on my 1099B). But when putting the final K1 info into TT won't they consider it a sale since it is marked FINAL????

If anyone could help answer this I would deeply appreciate it. Thank you!