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Financial Planning / Tax Strategies


Subject:  of k1, turbo tax, and getting a loan Date:  5/24/2012  6:21 PM
Author:  4thebird Number:  116181 of 129676

Kind of interesting. I got the turbo tax for stock accounts and did not have any Tax problems so far, over the last few years.

Then I tried to get a mortgage. Boy was that an eye opener, because Turbo tax did not enter or even ask about section "L". return of capital. Due to the missing figures the bank will not consider the income from a partnership such as williams partners.

so you have to go to forms and manually enter it. Not only that but when the section called ending capital account goes to zero, you will have to start paying tax on distributions. That is according to my local CPA.

Aside from being pissed at turbo tax. it has been a rough week.
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