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I like the money from EDP, but schedules K-1 really bite the bone....probably harder to understand a K-1 then to climb K2.

Anyways, if someone happens to know off the top of their head... in Part III-Partner's Share of Current Year Income, Deductions, Credits, and Other Items, section 20, I have code Z1 Gross Reciepts for UBTI, and code Z2 Gross Deduction for UBTI.

Turbo Tax just asks for the number in code Z. It does ask for further clarification, but there is nothing about receipts not deductions for UBTI.

Am I supposed to enter the gross deductions as a negative number?

Is there a good primer someplace on line that explains K-1's so that a fifth grader might understand?

Thanx in advance if anyone can clarify.

Oklahoma is +2 in their first game (mens). take the points. I think they will win it outright. Easy game today for Barcelona, just ended.
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oops, sorry.

in the same section 20, I also have a third number, code Z3 - Bonus depreciation adjustment for most nonconforming states
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Is there a good primer someplace on line that explains K-1's so that a fifth grader might understand?

Hopefully, the source of the K-1 has a guideline documents that tells you where to enter the K-1 numbers on your taxes.

I made it a rule many years ago to never enter into an investment that required K-1 reporting.


🆁🅶🅱
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probably harder to understand a K-1 then to climb K2.

This overweight, non-athletic accountant finds K-1s much easier than K2. I've never risked death dealing with a K-1. ;-)

Anyways, if someone happens to know off the top of their head... in Part III-Partner's Share of Current Year Income, Deductions, Credits, and Other Items, section 20, I have code Z1 Gross Reciepts for UBTI, and code Z2 Gross Deduction for UBTI.

You can safely ignore that particular code. It is for tax-exempt organizations who may have invested in the partnership. They may need to pay some tax if they have too much income from these kinds of partnerships.

--Peter
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Thanx so much.
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Anyways, if someone happens to know off the top of their head... in Part III-Partner's Share of Current Year Income, Deductions, Credits, and Other Items, section 20, I have code Z1 Gross Reciepts for UBTI, and code Z2 Gross Deduction for UBTI.
==============================
You can safely ignore that particular code. It is for tax-exempt organizations who may have invested in the partnership. They may need to pay some tax if they have too much income from these kinds of partnerships.

--Peter
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I'd add the caution - that's true if you own the partnership investment personally, and not in your IRA or other retirement account, e.g., a self-directed 401(k) or 403(b).

If it is in a retirement plan, the UBTI rules do apply, and if you have over $1,000 of positive UBTI
you can be subject to the tax, which is at the income rate applicable to trusts. (Corporate rates for exempt orgs.)

Worse, since the limited partnerships in question are usually publicly traded, the PTP passive loss rules apply, so you can't offset income in one partnership with losses from another.

Bill
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ty for the response, good point.

Nope, my shares of enterprise products L.P. are not in my IRA.

I did buy shares of a publicly traded L.P. in my IRA account a very long time ago, before I knew I wasn't supposed to. Held them there for a few years. Sold them once I found out. It was a small amount of money. I never did hear anything from IRS. I converted that account over to a Roth a few years ago.

I'm still stunned that Oklahoma couldn't get passed Rhode Island. So much for my perfect bracket, busted in the first game.
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Hi,
I got a K-1 for EDP as well. For section 13, I have Code T and "See STMT" as the value. In the statement, there are 5 line items but turbo tax only has one box. How do I figure out the value to use here?

Thanks in advance!
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