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Author: jpmartin2 Old School Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123522  
Subject: My first K-1 Yikes! Date: 3/13/2005 5:40 PM
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My goodness. Those marvelous returns do come at a price at tax time.

I'm using Turbotax and I'm just plugging in the numbers from my two K-1's. No problem except for Box 20 Question Q. Both my MLP's show "gross receipts," but Turbotax doesn't tell me what to do with them, other than "we are not able to use these values in the program calculations."

Any suggestions on where to go for information?

Also, those gross receipts are broken down state-by-state with the suggestion that I might need to file several state returns. (Did I mention that these are energy MLP's?).

My investment in each MLP is less than $10,000 and my distributions were less than $1,000 each. The gross receipts, however, totalled more than $15,000 for each MLP.

Given my small investment and small distributions, will the states come after me if I don't file?

I've searched through the FAQ but couldn't find anything on K-1's.

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